Financial Elder Abuse – Vulnerability – Predatory Practices
Financial Elder Abuse is becoming more prevalent as more of our population enters the last quarter of their life. That’s because mental acuity diminishes. Dementia can be subtle but it can clearly effect reasoning and common sense. Financial abuse escalates especially in a declining economy, even family members can take advantage of a parents emotional and intellectual vulnerabilities, especially if the they are going through addiction and financial crisis of their own.
Predatory Practices – Financial Crimes
In these circumstances the elder can become easy prey. Especially when the elder is going through emotional changes and seek attention from others – even if it comes at a cost.
Elders are particularly vulnerable to financial crimes. Often elders do not even realize or are willing to admit they have been the victim of financial elder abuse. One example is “Socioemotional Selectivity,” which is a condition in which the elderly focus on maximizing positive emotions and interactions while minimizing negative ones. Even affluent and sophisticated elders can be vulnerable targets to those that prey on elders with these types of sensitivities.
We need to educate the children of elderly parents on how they can protect their parents from elder abuse. Children of the elderly must identify the elder abuse and take immediate action by contacting the police or elder protection services.