How Big Of A Problem Is Elderly Financial Abuse?

For years, there have been warnings of potential physical abuse suffered by the elderly. While this is still a significant issue amongst many nursing homes across the nation, there are other forms of abuse that can occur but they don’t receive nearly the same amount of attention.Over the years, elderly financial abuse has become a rampant problem. Those trusted with the care of our elderly loved ones are more concerned with their own financial gain than they are the well-being of residents. However, this is a big issue that doesn’t get reported as often as it should.

The Potential Risks of Elderly Financial Abuse

It’s unfortunate, but those most susceptible to elderly financial abuse are those who are already experience other hardships. Those who have declining physical and mental health are the most vulnerable because they are less aware of what’s going on around them.

There was a study performed by Metlife in 2011 regarding elderly financial abuse that indicates women are more likely to be victims than men, and that most of those who are financially taken advantage of are between 80 and 89 years of age.

What You Can Do to Help the Problem

Because elderly financial abuse is such a problem, it’s important for you to recognize the signs. If you recognize changes in your loved one’s bank statements or balances, see that one particular person is being trusted to make decisions for your loved one, or there are strange transactions, financial abuse may be present.

Should you recognize any signs of elderly financial abuse, one of the most important things you can do is report it. Far too often, these situations go unreported and it is your loved one—and other senior residents—who suffer the most. Reporting it can help.

Our Baltimore nursing home abuse attorneys are dedicated to protecting the elderly in difficult situations. If you believe your loved one was targeted and financially exploited, know that you and your loved one has rights.

At Brown & Barron, the care and support of your loved one is our top priority. The elderly have worked too hard their entire lives to be taken advantage of financially. We’re here to help move forward and hold any negligent party accountable for their actions.