Financial abuse involves the misuse of a senior’s financial resources by family members, friends or (more rarely) strangers.  This brief further defines financial abuse, why elderly are targets, and the warning signs that abuse may be occurring.  The brief also gives tips for preventing financial abuse and what to do when abuse is suspected.  Most important, the brief discusses strategies for community-based educators to address elder financial abuse issues.

*Listen now or download the audio file to an mp3 player for later listening by following the steps on this tip sheet: Adding Podcasts to iPods

For more information on the FINRA Financial Fraud study.

To read about research on cognitive decline and poor financial management read:  The Age of Reason: Financial Decisions over the Life-Cycle with Implications for Regulation.

Use the National Elder Care Locator to find Adult Protective Services anywhere in the US (it searches by zip code) or call 800-677-1116.

Looking for Educational Materials?

• National Council on Aging curriculum, including one unit on avoiding fraud. (Mentioned during discussion.)
• Elder Financial Protection Network brochure (also available in Spanish)
• FDIC Money Smart for Older Adults educational materials.
• The CFPB companion to the Money Smart materials.