Taking money or property from an elderly person without their knowledge, comprehension, or agreement is referred to as elder financial abuse or financial exploitation. Some kinds of elder financial exploitation are plain and uncomplicated, such as faking an older person’s signature on a cheque or using their ATM card to withdraw funds from their account.
Elder financial abuse is described as someone who illegally or wrongly uses the money or property of an elder (who is 60 years or older) for their own personal gain or gain. According to the National Council on Aging, financial exploitation of older individuals comes at a high cost, with victims losing as much as $36.5 billion per year as a result of the practice.
What Is Financial Elder Abuse and How Does It Occur? Financial elder abuse is the practice of taking advantage of elderly people and unfairly profiting from their financial resources in order to enrich oneself. Elders are occasionally exploited financially by family members, business colleagues, carers, and strangers who take advantage of their position of trust.
In addition, it must be demonstrated that the person or entity accused of financial elder abuse knew or should have known that the behavior in question was likely to be injurious to the senior or dependent adult in question.
Financial exploitation is defined as the illegal or improper use, control over, withholding, or withholding of a person’s or an entity’s property, income, resources, or trust funds belonging to an elderly person or a vulnerable adult for the profit or advantage of a person or entity other than that of the elderly person or the vulnerable adult.
According to research, financial elder abuse has been self-reported at a higher rate than emotional, physical, and sexual abuse, or neglect of elderly people. Elder abuse can occur from a variety of sources, including family members, business colleagues, caretakers, and even strangers.