Read more about these types of abuse: physical, neglect, sexual, emotional.

Unfortunately, older adults can be at risk of financial abuse from family members, professional caregivers, and strangers. Learn about the signs of financial elder abuse so that you can keep your loved one and their resources secure.

Financial abuse refers to the misuse or withholding of an elder’s resources without their knowledge or consent.

As someone gets older, they may turn to a family member, professional service provider, or caregiver to help them manage their finances. This is especially true when an older adult’s mental state may prohibit them from properly taking care of their finances. That trusted person may take advantage of their position of power, using the senior’s resources for their own gain.

The perpetrator may get away with this form of abuse by threatening the victim, or stealing from them without their knowledge. Some examples of financial abuse include:

Sometimes, family members are the most common perpetrators of financial abuse. However, it’s also important to highlight that strangers can be perpetrators, as well.

Many scammers will take advantage of a senior’s limited knowledge of common scams or lack of technology skills, using the internet, phone, or email to gain access to their accounts. Similarly, vendors can also prey on older adults by selling them services that they don’t actually need, charging more than necessary, or double charging.

Financial abuse can be especially harmful for seniors, as they are typically on a lower fixed income. This can diminish the hard-earned resources that were meant to keep them stable in their older age.

Financial abuse can take on many different forms, but some possible signs to be aware of include:

If a senior is aware of the abuse (but may be staying quiet due to threats from the perpetrator), they can also experience emotional effects. They may exhibit feelings of anxiety, stress, or fear, or may withdraw from family members and loved ones.

In the case of the abuser, there are a few red flags to be aware of. If the elder suddenly refers to their caregiver as their new “best friend”, this can be a sign that the perpetrator is trying to gain trust in order to access their resources. The potential perpetrator may also offer unusual explanations about changes in an older adult's finances, or be strangely interested in their spending habits or financial situation.

In addition to learning about the many signs of financial abuse, one important step you can take is to secure financial accounts. This can include setting up transaction alerts and putting limits on wire transfers.

Additionally, talk to your loved one about financial mistreatment so that they know they have someone they can trust if they experience this abuse. It’s also smart to help them learn about common scams to prevent abuse from strangers.

If you suspect your loved one has been financially abused, take action immediately to prevent further harm. Florida elder abuse laws are crafted specifically to protect older adults against this form of abuse so that they can remain financially stable.