For many reasons, our financial management may involve other people—family members, an accountant, a financial planner, bank staff. But even if someone else is helping us look after our money, we should always be able to tell how much we have, where it is and what’s it’s spent on.
Do you ever see transactions on your bank statements or accounts that you don’t recognise? Is someone putting you under pressure to make financial decisions the way they want? Have you ever felt uncomfortable about another person’s involvement in your money matters?
Anything like this could be a sign of financial elder abuse. ‘Elder abuse’ is a term used to describe abusive behaviour towards an older person or a lack of care that results in harm or distress to an older person. It can happen in all kinds of relationships and situations, and it can be deliberate or unintentional. It can be hard to recognise, and there is more than one type of elder abuse.
Financial elder abuse is the theft or misuse of an older person’s money, assets or property. Sometimes it involves threats and intimidation, but not always. It can be quiet and hidden.
The abuse can be as simple as:
someone keeping the change or buying things for themselves when they do shopping for you.
Not contributing to household expenses while they live with you.
Keeping your bank statements from you.
It can also be as big as someone:
withdrawing your money without your permission. Insisting they manage your money for you.
Pressuring you to change your will in their favour or to lend them money, possessions or property. Selling your home without your consent.
Sometimes, financial elder abuse can arise through the misuse of a power of attorney. It’s wise to involve a solicitor when you make yours, to minimise the chances of someone misusing the document that’s designed to protect your choices.
If we have other people helping us manage our finances, it’s most likely that everything is fine. But often, if something isn’t right, there are warning signs. Taking notice of those signs and deciding to act could be all that’s needed to protect our finances and security.
Do you feel completely in charge of your money? Is there anything about your financial management that’s making you feel uncomfortable?
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