Elderly individuals are sometimes thought to have an abundance of assets, including money in the bank. This misconception often causes individuals to try to take advantage of them, especially when the senior citizen isn't as mentally sharp as what they were in their youth. Unfortunately, this is a problem that isn't likely going to get any better with time.
Senior citizens are sometimes seen as easy targets by scammers. The financial impacts of this are often considerable. All seniors need to remember some easy tips that can help them avoid becoming victims of identity theft or financial abuse.
People who are in nursing homes are sometimes subjected to abuse. This comes in a variety of ways, but one that isn't spoken of too often is financial abuse. This is a tragedy that impacts all seniors, not only those who are in a nursing home.
According to a report by the Consumer Financial Protection Bureau (CFPB), elder financial abuse is on the rise. The Bureau says that suspicious activity reports involving elder financial abuse increased by a factor of four from 2013 through 2017. For California residents with elderly family members, this increase is a significant cause for alarm.
Many cases of elder financial abuse involve a caregiver or even a trusted family member, but California's elder population can also suffer such abuse from strangers. Scams and schemes that target the elderly run rampant in the nation, often leading to total depletion of a senior's life savings.
As you probably know, there exists a vast assortment of unscrupulous individuals and companies that target elders in financial abuse activities. From financial scams by agencies to individuals preying on older California residents, the problem of financial abuse is real and requires immediate attention. Elders typically exist on fixed incomes and cannot afford to lose even one dollar of their financial resources.
Elderly people are some of the most vulnerable residents of San Francisco. They are at risk of suffering physical and emotional abuse, but those aren't the only ways that a nefarious individual can abuse the elderly. Financial exploitation is also a common form of elder abuse. From unauthorized check cashing to coercing an elderly person to give away their property, financial abuse of the elderly is a serious problem.
For most, it is difficult to understand how someone could take advantage of an older, vulnerable person. Unfortunately, it is a sad reality that can and does happen. In addition to physical abuse and neglect, many elders residing in California are victims of financial abuse perpetrated by unscrupulous caregivers and other parties.