Financial scams are common among aging adults who are disabled and cannot necessarily effectively handle their finances. It’s a known fact that over 70% of the country’s wealth is held by people over the age of 50, thereby making them an obvious target of fraudulent people. These scams come in various forms, and one might not notice that they are being swindled.
It is important to guide against financial scams in senior living because elderly people are a major target of fraudsters as a result of their vulnerability. As such, senior apartments in Ponte Vedra Beach, FL take steps to guide against the financial abuse of residents.
Providing Enlightenment on the Signs of Fraud
Retirement communities educate residents about the various ways that people have fallen victim to financial scams and how to prevent it. When residents know what to watch out for, the chances of them being defrauded are lower. Residents can learn about the social media age and the new trends of financial scams to keep their hard-earned money safe from theft.
They are also told of common ways in which they can protect themselves against attacks. Since in-person frauds are not as common as online frauds, residents are cautioned against talking to strangers on the internet and against surfing unsafe sites on the internet. As such, it is a priority for senior living professionals to deliver this education to residents.
Providing the Needed Support
Some aging adults might need help understanding some financial statements. Apart from regular education on financial crimes, financial reports also need to be interpreted in understandable ways for residents who have difficulty comprehending them on their own.
Credit report copies are reviewed with them at the end of every year, to make sure they are accurate and errors are corrected immediately. Not all residents can make bank visits on their own, so the Connections Transportation program helps them move around comfortably. They can make ATM withdrawals and file complaints at their banks in person.
Family Structured Support
You should stay involved in your loved one’s life to avoid the feeling of loneliness when the finances get overwhelming for them. Loneliness opens the door for the formation of new relationships with people. You should take note of new special friendships in your loved one’s life for their own good because some friends intend to exploit them.
The involvement of the family helps in that, they can observe the financial decisions of their loved ones and be pre-informed of impending danger. You should be alert when your loved one begins to send money to a stranger over the internet, as a result of the emotional ties formed through sympathy for the person’s situation. The person receiving the money might be a fraudster, well versed in taking advantage of vulnerable aging adults through emotional manipulations. To avoid further exploitation of your loved ones, you need to support them by helping them to be more financially accountable.