Senior Financial Exploitation

It is commonly understood that elder abuse is a serious concern that often goes unreported. But there remains less certainty about the best ways to address the problem. A recent Buffalo News editorial argued that more needs to be done at the state and federal level to tackle the issues.

For one thing, New York is one of only three states in the country that does not have a law which requires reporting of elder abuse and financial exploitation. The idea is that community members–particularly those in situations where elder abuse might be observed–must be made aware of the gravity of the situation and effectively forced via the law to report their suspicions.

The story points to recent research by Cornell University academics entitled “Under the Radar: New York State Elder Abuse Prevention Study.” Disturbingly, the report found that for every case of elder abuse that is reported to authorities, another 44 cases are never shared. That estimate is similar to those made by previous researchers. When all forms of elder abuse are considered (including financial exploitation by family members), other studies have found that upwards of 95-99% of exploitation is not reported.

If there was an easy way to identify and prevent seniors being taken advanage of financially, then the rate of exploitation would be far lower than it is. The stark reality is that it is a big challenge to catch elder financial abuse before it occurs and identify the problem afterwards. Yet, the difficulty does not mean that nothing can be done. Instead, there must be an amped up effort to address the problem, and there is no better time to do that than now.

Over the next few weeks many families will get together in various settings to celebrate the holiday season. From dinners and parties to religious services and family meals, this time of year is always filled with relatives and close friends convening together to share in one another’s company. As such, it may be a great time for families to bring up–very carefully–any concerns they might have about protecting a senior loved one’s financal resources from those who prey on vulnerable elders. A recent Forbes article recently made the same point.

The story mentioned that represenaties from the Aging section of the U.S. Department of Health and Human Services issued a similar call. The representive remarked: “This holiday season, we encourage families to spend some time asking older family members some basic questions to ensure that their finances are in good hands and that if there are signs of abuse, that the right steps are taken to stop it.”

Articles Posted in Senior Financial Exploitation

Does New York Need a Mandatory Elder Abuse Reporting Law?

Holiday Gatherings: Time to Check for Senior Financial Exploitation