Financial abuse is on the rise in the United State, and aging adults are most times the victim. It was recorded that aging adults suffered almost $3 billion annually as a result of financial abuse. Since people above 50 years old control more than half of the nation’s wealth, they have become the main target of fraudsters. These are ways 55+ Communities in Haltom, TX protect aging adults from financial abuse:
Financial Abuse Awareness
Irrespective of how aging adults will respond to this conversation. It won’t do any harm making an attempt to discuss it with them. Education about credit cards and bank accounts should be discussed as early as possible. If an aging adult had several cards and accounts they might need to reduce the number. Any form of complexity must be avoided when it comes to financial life of aging adults.
Financial abuse is discussed in 55+ communities to make aging adults aware of these schemes. Residents are made aware of scams and other fraudulent acts that can be threatening to their finances.
Create Separate Bank Account
This might look highly extreme, however, it guards aging adults against any financial exploitation. This method is simple, a primary bank account will be created for a huge part of their money. Other smaller bank accounts with small amounts of money.
This money will be used for daily expenses and once it has been exhausted, they can transfer money from the main bank account. Aging adults might need to go through the routine of having to transfer money to a smaller account every day but it’s worth it. It offers aging adults additional protection against financial scams.
Report Suspicious Activity
Financial abuse is damaging to the overall well-being of aging adults. It affects them physically, and emotionally. If members of the family notice any suspicious financial activity. It is always important to report them to the appropriate authorities to take action immediately. This will help protect the assets of aging adults and their lives inclusive.
The risk of any financial abuse will be reduced once these suspicious activities are not taken for granted.
Vetting Caregivers
Caregivers are in charge of the overall well-being of aging adults. However, some take financial advantage of aging adults. Since, aging adults depend on these people for care, reporting them can be hard. This is why family members should stick around aging adults irrespective of the caregiver.
Also, when hiring a caregiver consider an agency that will carefully vet their expertise. However, when hiring personally ensure the candidate is recommended through friends or other caregivers. This is where 55+ communities become important, aging adults in these retirement communities do not need to hire caregivers. Team members in these communities will handle everything residents need and they are fully verified.
Hiring Financial Advisers
Financial advisers are always an excellent way to prevent financial abuse in aging adults. However, financial advisers are also part of financial abuse in aging adults. Communities keep their service in check by vetting their credentials. Once a financial adviser does not operate under fiduciary, such advisers are generally avoided.
In addition to operating under fiduciary, the financial adviser must be licensed to operate in the state. 55+ communities ensure this by having a full background check of the person before considering them as an adviser for aging adults.
