Elder financial abuse is a complex problem. When a person in an assisted living community or nursing home is the target of financial abuse, it affects the person, their family, and their community. In some cases, the person may lose their life savings or may have to move out because of nonpayment.
A financial abuse survivor loses more than dollars and property. Financial abuse can cause emotional harm, depression or anxiety, poor physical health, loss of independence, trouble making decisions, loneliness, and a shorter life expectancy.
When financial abuse happens, there may also be other types of mistreatment, such as emotional abuse or neglect. And when other types of abuse happen, it is wise to also check for financial abuse. When family members or friends are trying to take advantage of an older adult, there may be problems with these relationships. For example, family members may feel entitled to an older person’s money or property even though they have no right to it. Perpetrators often use false friendliness or compassion to gain an older person’s trust. Sometimes a financial abuse survivor may continue to depend on or protect the perpetrator. Relationships can be damaged when people disagree about what to do or how to help.