Elder Abuse Can Be Financial Abuse

Last Thursday, June 15, was World Elder Abuse Awareness Day. It’s sad that this even needs to be a national holiday, but it is.

Elder abuse is a global social issue which affects the health and human rights of millions of older persons around the world, and an issue which deserves the attention of the international community.

Facts about Elder Abuse from the World Health Organization

  • 1 in 6 older adults worldwide have been abused in the past year
  • As many as 2 out of 3 people with dementia have been abused
  • Victims of elder abuse were twice as likely to die compared to older people who did not report abuse
  • The United States spends $5.3 billion each year in medical costs from violent injuries to older people.

Elder abuse can also include financial elder abuse. When elders are deceived financially by those they trust the most, the emotional effects can be devastating. Recent research shows that financial elder abuse costs our senior population over $36 billion per year in the US alone.

Some call this the “crime of the century.” Victims are often cognitively impaired in some way and are then taken advantage of by unscrupulous relatives, caregivers, professionals, and even criminals that prey on the elderly.

According to the Society of Certified Senior Advisors:

  • When Social Security, Medicare, and Medicaid were designed, life expectancy was 63.
  • Today our fastest growing population is 85+ and 50% have some form of dementia.
  • By 2030, 70 million people in the US, or 1 in 5 people, will be age 65.
    Another one million people will be 100 years old.

No one is immune, and everyone will be affected at one point in their lives as a caregiver or care receiver.

Rosalyn Carter eloquently stated:

“There are only four types of people: those who have been caregivers,
those who are caregivers, those who receive care,
and those who will be caregivers in the future!”

As a Certified Senior Advisor (CSA), I have been trained to work with seniors, their advisors and their families to create systems, documentation and a team so things not only run smoothly, but seniors can be protected from abuse and make sure their wishes are enforced.

To help you be prepared in your life, I have an upcoming radio show planned with Lisa Whitmore Davis of AARP where we will be talking about Preparing to Care! Don’t wait till the triggering event. Plan ahead and start this conversation with your loved ones now.

Concerned about being the Designated Daughter® or even needing a Designated Daughter® my Designated Caregiver™ program may be the solution to your worries.  Click here to visit my personal calendar to schedule time to talk about your concerns.  

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Enjoy your life with the peace of mind that comes with having a proven financial strategy, Schedule a consultation today!

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