Elder Justice & Financial Protection: Safeguarding Seniors from Exploitation
As our aging population grows, so too does the risk of elder financial abuse—one of the most common and underreported forms of mistreatment affecting older adults in America today. Families, caregivers, and professionals must work together to protect seniors from financial exploitation and uphold their rights to dignity, safety, and security.
The Scope of the Problem
- According to the National Council on Aging, older Americans lose an estimated $2.6 to $36 billion annually due to financial abuse and exploitation.
- Only 1 in 44 cases of financial abuse is ever reported.
- Perpetrators are often trusted individuals: family members, caregivers, neighbors, or financial advisors.
These staggering statistics highlight a critical need for awareness, prevention, and proactive protection.
What Is Elder Financial Abuse?
Elder financial abuse includes any unauthorized or improper use of a senior’s money, property, or assets, such as:
- Coercing or tricking a senior into signing documents
- Misusing powers of attorney
- Forging checks or stealing account information
- Charging for unnecessary services or care
- Pressuring for loans, gifts, or changes to wills and estates
🛑 Red Flags to Watch For
Families and professionals should stay alert for these warning signs:
- Sudden changes in banking habits or unexplained withdrawals
- Unpaid bills or missing funds despite sufficient income
- New or unusual relationships (often over phone or online)
- Fearfulness, confusion, or anxiety about finances
- Changes in legal documents (wills, powers of attorney) that seem out of character
🔒 How Families Can Help Protect Their Loved One
- Start the Conversation
- Gently talk with your loved one about financial safety and help them feel empowered—not ashamed—when asking for support.
- Stay Involved
- Visit regularly, offer to help with bills or paperwork, and monitor for changes in behavior or financial activity.
- Set Up Checks & Balances
- Use dual signatures for large transactions or shared oversight of financial accounts.
- Encourage Professional Support
- Make sure legal documents are current and drafted by a trusted estate planning attorney.
- Report Suspicions Promptly
- If something feels off, don’t wait-report concerns to local adult protective services or your area agency on aging.
Resources & Professionals Who Can Help
- Elder Law Attorneys – Specialize in estate planning, guardianship, and legal protections
- Geriatric Care Managers – Provide holistic support, including financial oversight
- Certified Financial Planners (CFP) – Offer guidance and risk assessment
- Adult Protective Services (APS) – Investigate abuse and connect families to help
- National Center on Elder Abuse (NCEA) – ncea.acl.gov – Education, reporting resources, and prevention tools
- Consumer Financial Protection Bureau (CFPB) – consumerfinance.gov – Guides and complaint submission
The Role of Adult Day Care in Elder Protection
Adult day centers are often an essential, yet overlooked, layer of protection for older adults. At Elder-Well®, our trained team members interact with participants daily, providing more than just companionship and care-we’re also a valuable set of extra eyes.
- We notice changes in mood, cognition, hygiene, or emotional state that may signal distress
- We often serve as trusted confidants, especially for seniors who are reluctant to speak up at home
- We offer a safe, structured environment that reduces isolation-a major risk factor for exploitation
- We build relationships with families and can alert them to red flags
🤝 Protecting Our Seniors Is a Team Effort
It takes a village to care for and protect our aging loved ones. Families, professionals, and community programs like adult day care all play a critical role in promoting elder justice and financial safety.
If you suspect financial abuse-or simply want to be proactive in protecting your loved one-you are not alone. Help is available, and prevention is possible.
Want to learn more about how Elder-Well® supports the safety and well-being of your loved one? Contact us today to schedule a tour, speak with our team, or access helpful resources.
🌐 elderwelladultday.com
Together, we can protect what matters most. ❤️
