1.7 What is Elder Financial Abuse?

What is Elder Financial Abuse?

• Illegal, unauthorized, or improper use of an elder’s money, benefits, belongings, property, or assets for the benefit of someone other than the older adult.
• Examples include:
  • Forging checks.
  • Taking their retirement or Social Security benefits.
  • Withholding access to money or financial information.
  • Changing names on a will, bank account, life insurance policy, or title without permission.
  • Using a person’s credit cards and bank accounts without their permission.
  • Ignoring or avoiding an older adult’s financial responsibilities (e.g., paying rent/mortgage).
  • Healthcare fraud.

(CDC, 2021; NIA, 2023)