Financial Abuse Prevention
The definition of financial elder abuse is taking advantage of the elderly in an unfair way benefiting from their monetary resources. Sometimes those that we least expect can be the perpetrators. Those individuals can include family members, business associates, caregivers, and strangers.
A 2004 study from Adult Protective Services reports the majority of financial elder abuse occurs to females. Too many times females defer to their husbands for financial matters leaving themselves unprepared when their spouse is no longer available to provide assistance. However, in general, men are higher targets of investment fraud. These men tend to be married, between the ages of 55 and 62, have higher incomes than average and have greater financial literacy.
It is important for elderly individuals and their families to understand their financial strengths. Educating themselves is their strongest ally. Finding a partner to help educate you, your family, and protect your legacy is essential before it is too late. Take the first step by signing up for our newsletter and all our newsroom information to be delivered directly to your inbox.