| Finanical Abuse of our Elderly, lets have zero tolerance |
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One of the great things about this time of year is that families who live apart get to spend time together. Along with reminiscing and laughing as they remember good times past, there is often some family business to talk about. These conversations are necessary and ultimately rewarding. For those involved they often bring more clarity to financial and health related decisions that must be made as we age. Sadly it is also this time of year when we recognize Elder Abuse Awareness Day – June 15. It`s safe to say that most people respect and cherish their elders, but that`s not the case for everyone. ``Canadian research indicates that between 4 and 10% of older adults experience one or more forms of abuse – from someone they trust or rely on. Under-reporting and inconsistencies in collecting information on elder abuse suggest that these figures are the tip of the iceberg.`` Elder abuse takes many forms. The main categories are physical, emotional, financial, sexual, spiritual and neglect. While all forms of abuse are appalling, according to the Canadian Network for the Prevention of Elder Abuse (CNPEA) the most common form of abuse is financial abuse. Financial abuse can involve illegally or improperly using a person’s money, assets or property without their permission or knowledge. It is often combined with emotional abuse where people manipulate and control their victims to comply with their wishes. Unfortunately, financial abuse is most often perpetrated by someone close to the victim, upon whom the victim is or feels dependant. Some stories of financial elder abuse involve adult children forcing an elderly parent to support them financially at their own peril. In other cases people (often family members) who have been given Powers of Attorney (POA) misuse that authority to their own financial benefit. Still others are cases where service providers (e.g. contractors, merchants, advisors, etc) take advantage of an elderly victim`s inability to understand what they are agreeing to do. No matter the circumstances, the effect of financial abuse on the elderly is horrendous. Besides shattering their sometimes fragile self-confidence, they feel ashamed, they can lose their sense of independence, and at times the basic financial capacity to feed and house themselves. In short their spirit is broken. There are community resources available to people who recognize or suspect that an elderly person is being abused. Family and Community Services, or family doctors are great places to start looking for help. If financial abuse is suspected, speak with a trusted advisor or banker who can help sort out what is happening. Keep in mind too that elder abuse is illegal so police are also an available resource. As you spend time with loved ones during this summer season, please make a special effort to watch for these signs of abuse: They tell you they are being harmed They show signs of depression or anxiety They seem fearful of certain people They become socially withdrawn They become uncharacteristically passive or compliant They lack food, clothing, medicines or other necessities They become unable to meet financial obligations They have unusual withdrawals from the bank accounts Helping our elderly citizens avoid abuse is the right thing to do and given the statistical evidence, it`s necessary. With luck we`ll all be elderly someday. Just as elders do today, we will want to be able to live with dignity, independently and without fear of abuse when we are most vulnerable. Keir Clark, is a senior wealth advisor, with Clark Wealth Management Group and branch manager at ScotiaMcLeod in Fredericton, NB. He can be reached online at www.keirclark.ca or by telephone at 506-450-6465. Information and opinions contained herein have been compiled from sources believed reliable but no representation or warranty, expressed or implied, is made as to the accuracy or completeness. |
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