As parents age, children and family members are often quick to pick up on areas of weakness. Mother needs a little help getting to the store. Father could use some help with the lawn. Both parents need help with everyday tasks that they once handled easily enough. Sadly, predators and con artists also know that the elderly are easy marks. Telemarketers have been preying on seniors for years. Easily confused, lonely, and wanting friendship, some senior citizens can be taken advantage of.

A recent study by the Investor Protection Trust and the National Adult Protective Services Association reveals that a shocking one in five senior citizens will be victims of financial fraud. The study showed that:

• One out of three seniors are currently being pitched by people calling or mailing them and asking for money.
• Almost half of people over 65 got at least two questions wrong when asked questions about basic financial planning and investment.
• Only 5% of aging adults’ medical providers have voiced concern about their ability to understand billing issues, while 20% of those same providers have expressed concerns about their cognitive abilities.
• When asked, 33% of seniors admit that they feel at risk for being taken advantage of financially.

IPT President Don Blandin said:

We now know that a shockingly large number of older Americans are already victims of financial swindles and millions more are in danger of being exploited in such a fashion. Given that front-line medical professionals who deal everyday with older Americans are ideally positioned to spot the impaired mental capacity that can leave seniors vulnerable to financial abuse, our new program seeks to inform doctors, nurses and others about the warning signs of elder investment fraud and financial exploitation. Our goal is to improve the communication among medical professionals, older Americans, adult children and state securities regulators in order to head off financial swindles before the damage is done.

Read more at the PR Newswire.

A pilot program in Texas called the “Elder Investment Fraud and Financial Exploitation” project has been put into place to identify at risk seniors and report abuses to Adult Protective Services workers.

Awareness of financial abuses of seniors needs national attention. Children of aging parents should:

• Take the time to be aware of your parents finances. Ask how they are doing. Contact creditors and others to make sure bills are being paid on time.
• Ask your parents if they are receiving phone calls asking for money or investments. If necessary, change their phone numbers.
• Be sensitive to your parents need for autonomy, but find ethical ways to stay aware of their financial situation. Alert their bankers and ask for help in monitoring the outflow of their money.
• If you suspect your parents have been victims of fraud, contact the authorities and a lawyer.
• If you feel your parents are at risk for financial loss, contact a lawyer and find out what you can do to protect them.

People are very aware of their parents’ growing physical needs as they age. Do not forget that their financial well-being is just as vulnerable.

Gordon Atkinson for Traditions Senior Living

Traditions Assisted Living in Sherman, Texas. Assisted Living in Texas where our aging friends are cared for with tenderness and compassion.

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