In reviewing articles regarding seniors and elder financial abuse, certain topics come up frequently about what puts the elderly at risk, including mental impairment, social isolation, and poor physical health.
When someone is dealing with these at-risk issues, they don’t usually have the energy, time, experience or mental focus they need to realize that they are being taken advantage of.
Please be aware of these in yourself or someone you care about:
- Mental impairment – Declining math skills can lead to checkbook errors, financial indecision and vulnerability to scam artists.
- Social isolation – When someone is alone most of the time, they tend to be more susceptible to swindling via the phone, email or social media because of their loneliness. The most common scam is someone acting like a grandchild that needs money wired immediately to get out of jail and the child doesn’t want the grandparent to tell their parents. Set up a system with your children to talk to the grandchildren’s uncle or aunt, so you don’t fall victim to this scam.
- Poor physical health – When we are physically hurting or in poor health, finances may take a backseat. Issues such as trouble feeding oneself or bathing are red flags that most likely financial matters have fallen to the wayside.
Consider having a plan in place with a trusted family member so when any of the above arise, you have someone trusted to review any financial transactions. Let us know if you would like more information about this issue at advisors@selahfs.com!
