Financial abuse of Grandma a big problem for families

Financial abuse and exploitation of older Americans is on the rise, according to a recently released survey by the National Association of Professional Geriatric Care Managers.

Seventy-one percent of the 325 care managers surveyed nationwide said financial abuse and exploitation of the elderly are a growing problem in their communities.

• The top five types of financial abuse are:
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• Theft of money or property by family members, friends or neighbors.

• Theft of money or property by a caretaker or in-home care provider.

• Investment schemes through the mail or phone.

• Home Repair scams.

• Getting senior to sign a deed, will, power of attorney through deception.

“Financial abuse of seniors is a growing problem,” said Emily Saltz, president of the geriatric care managers’ organization. “Families with older parents need to know the warning signs of this all too common and often hidden form of elder abuse. Our survey shows that close oversight of vulnerable adults by family members or qualified professionals is crucial.”

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Financial abuse of Grandma a big problem for families