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Financial abuse is the most common type of abuse that people may experience in later life, representing over a half of known situations of abuse. Financial abuse means using a person's money or property without permission or in a fraudulent manner. Financial abuse can take away or limit the older person's resources, choices, and options.
Financial abuse typically involves a family member or another person whom the older adult trusts. Financial abuse can occur when a family member or friend takes over financial decisions and control of the older adult’s money. Financial neglect occurs if a family member, friend or power of attorney controls the money and misuses the money or the power of attorney.
Financial abuse and neglect negatively impact the trust among family members. Adult children may not consider or realize that their actions are financially abusive or neglectful toward their parent(s).
Common examples of financial abuse include:
Financial abuse may involve any amount of money or any size of property. Some forms of financial abuse involve theft or fraud, and these are considered crimes.
Both older men and older women can experience financial abuse. Women tend to experience financial abuse more often than men. Some women may not have experience with finances or managing money, especially if they have not worked outside the home. Older women also may have fewer resources, and they tend to live longer than men.
Financial abuse occurs when a person's sense of need, entitlement, or greed for the money is greater than their ability to remain fair, honest and caring with a parent or other older adult.
In some cultures, there are expectations and assumptions about who will inherit parents; money or property.
Older parents and their grown children may use banking machines or joint accounts together, but they may not recognize the risk in doing so.
Financial abuse is more likely to occur during an older adult’s health crisis or after a major change in health. Some older adults become vulnerable to financial abuse when their spouse, partner or close friend dies. They are grieving, and they have many decisions to make.
Financial abuse hurts older adults in many ways. Financial abuse seldom stops by itself. Many financial abuse situations involve lies, threats or intimidation, which are forms of emotional abuse. These situations can lead to ongoing stress and financial strain for an older adult.
An older adult may feel very hurt by the person and abusive behaviour, but he / she may not ask for the money or talk about the situation. The situation can become worse over time and sometimes lead to physical abuse.
Financial abuse can take away or limit parents’ or older adults’ finances or money and their ability to take care of themselves. It can negatively impact their health by reducing the resources available for proper housing, good nutrition, medication, and healthy activities.
You can consider options such as having the bank automatically pay your bills if you depend on someone to do the banking, especially if your health changes or you need to go to the hospital or into a care facility.
If you lend money, write down the amount, the person’s name and the date you loaned it. This can help you remember the amount of money given as a loan or gift. It is important for both parents and children to understand that this is the parent's money.
For any major decision involving property, consider using a notary, lawyer, or community advocate.
If you see a crime or harmful situation occurring to an older adult, call the police or 9-1-1 immediately. You can also call 8-1-1 for information and advice, and speak to a registered nurse available 24/7 about non-emergency health concerns or questions. Translation services are available in over 130 languages on request.
For information and services, you can also contact:
For more information, see other topics in the HealthLink BC Files Elder Abuse Prevention Series.
#93a Preventing Abuse and Neglect in Later Life
#93b Abuse and Neglect of Older Adults: Information for Family Caregivers
#93c Abuse and Neglect of Older Adults: Understanding Gender Differences
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For more HealthLink BC File topics, visit www.HealthLinkBC.ca/healthfiles/index.stm or your local public health unit. Click on www.HealthLinkBC.ca or call 8-1-1 for non-emergency health information and services in B.C. For deaf and hearing-impaired assistance, call 7-1-1 in B.C. Translation services are available in more than 130 languages on request. |
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