What Is Financial Exploitation Of The Elderly?
As defined by the Older Americans Conduct, financial exploitation is ″any fraudulent or otherwise unlawful, unapproved, or inappropriate act or practice of an individual, including a caregiver or fiduciary, that leverages the resources of an older individual for monetary or personal benefit, profit, or gain.″
What is financial elder abuse/exploitation?
What is Financial Elder Abuse / Exploitation and how does it happen? Taking money or property from an elderly person without their knowledge, comprehension, or agreement is referred to as elder financial abuse or financial exploitation.
Does financial capacity predict financial exploitation in older adults?
Our conceptual model of financial exploitation is based on the notion of financial capacity, which is a crucial component. While it is undeniably true that older persons who have competence may become victims of exploitation, even slight cognitive changes might raise the likelihood of being a victim of financial exploitation.
Why are older people vulnerable to financial abuse?
Many older individuals are at risk simply because they have money in the form of pensions, retirement savings, or home equity, all of which are attractive to financial predators and should be protected. Others who exploit the financial resources of the elderly might be family members or people with whom the elderly person has had a relationship in the past.