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The pandemic of Financial Exploitation is ahead of us

Seniors who are financially exploited can suffer serious repercussions, whether they are pressed by a desperate family member wanting money or fooled by a scam artist who acquires access to a bank account.

In 2011, a late actor told the Senate Special Committee on aging that he had his money taken from him. That his capacity to make even the most fundamental judgments was gradually taken away from him. His daily existence became miserable. He demonstrated that the promise of a nice retirement could be taken away swiftly by bringing the difficulties to the forefront.

Financial exploitation has been estimated to affect 4 to 5% of elderly persons in the United States, making it as prevalent as heart attacks.

Elder abuse can take many forms, including financial exploitation. Elder abuse is commonly recognized as physical abuse, but it can also take the form of neglect or self-neglect. Elder abuse affects around one out of every ten people over the age of 65 in the United States, with 23 incidents remaining unreported for every one recorded. In addition, financial exploitation can have far-reaching and disastrous effects on victims.

Many Americans look forward to the day when they can relax and enjoy their retirement. Unfortunately, after paying for children’s education, mortgages, vehicle payments, and a slew of other bills, it takes decades to achieve this aim while saving for a time when Mondays don’t entail going back to work. So much work and effort go into accumulating a nest egg, which has become the focus of several scams in recent years as many senior Americans have been exploited financially.
When a person’s money is exhausted, many things must be sacrificed. Vacations, hobbies, and leisure activities are the first things to go. It is possible to lose one’s capacity to leave an inheritance. Even essential travel becomes tough when people cannot afford vehicle insurance or gas. Then paying for essential utilities becomes difficult, resulting in late fines and the possibility of losing electricity.

As medicine prices exceed retirement income, personal health is jeopardized. In addition, a person’s ability to stay in their own house is jeopardized due to a lack of adequate cash to pay for rent, taxes, or water.

So, why hasn’t the financial exploitation issue been addressed? The issue with elder abuse in general, and financial exploitation in particular, is that many people are unaware of it.
The primary cause for physicians’ lack of expertise in this area is a lack of training. According to polls, most doctors recall being educated to spot child abuse, while just a tiny percentage recall being trained to recognize senior maltreatment.

Though physical abuse is more prominent, other forms of abuse and neglect might be more insidious. These might include everything from losing weight and missing medical visits to neglecting to complete prescriptions and losing money owing to big withdrawals, overpayments, and fraud victims.

Physicians have the opportunity and responsibility to detect abuse, but so many other people can spot the signs:

  • The bank teller notices several large, unusual withdrawals from an account.
  • The pharmacist who sees unfilled or unpicked medication prescriptions.
  • Friends who see changes in an older adult’s appearance and mood could indicate more self-care problems.

It should be a communal obligation to get to know our elderly, engage with them daily, and recognize and respond to troubling developments. In many states, mandatory reports for elder abuse include everyone who has contact with an older person, from a physician to a janitor in a nursing facility. It admits that we all can see abuse.

It’s easy to brush these hints aside and say that It’s not their duty or Someone else will handle it. But, unlike a popular actor (and also the victim) , confronting suspicions of misconduct can save a person’s life.

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