The financial abuse of older adults is a relatively common issue. Both family members and professional caregivers may misappropriate resources. They may assume that older adults are too vulnerable to hold them accountable or too confused to even recognize the financial misconduct.
There are numerous ways in which caregivers could misuse their position. The following are some of the most common ways in which caregivers can misuse their authority to financially abuse the people in their care.
1. Accessing accounts without consent
Caregivers may write themselves checks or use the checking account of an older adult to pay their bills. They could also use debit cards or credit cards for personal purchases. Such conduct can diminish the resources of an older adult without their consent or awareness.
2. Taking physical assets
Older adults have often accumulated various physical possessions that have both emotional and economic value. Vintage jewelry or wristwatches are easy to hide and could be worth thousands of dollars. Caregivers might leverage their access and an older adult’s confusion to remove their valuables from their home.
3. Using the adult’s identity
Identity theft can be a form of financial abuse. Caregivers might use the personal identifying information of an older adult to open credit cards or take out personal loans in the name of that adult. They may then default on the loan, damaging the older adult’s credit and putting their resources at risk.
Evidence of financial abuse could lead to allegations against professional caregivers. People may also need to remove family members from caregiving positions if they have abused their authority. Documenting financial elder abuse and fighting back can potentially protect the resources that a vulnerable adult relies on in their golden years.
