Wednesday, January 24, 2007

Blog #2 LTC Financial Exploitation of the Elderly

Keeping the Wolves from Grandma’s Door: Financial Exploitation of the Elderly

It is crucial that we understand that financial exploitation is already happening at and astonishing rate and will keep on spreading. We as Americans need to look out for the elderly in every way possible. I believe that with the rapid growth of the baby boomers hitting elderly age 65, more and more exploitation will probably be occurring. This is a speech taken from International Network for the Prevention of Elder Abuse, World Elder Abuse Awareness Day, United Nations New York, New York on June 15, 2006. In this speech Sally Hurme, Coordinator, Outreach & Service, AARP Financial Protection makes us aware of the facts on financial exploitation of the older population. “Financial exploitation is considered to be illegal or improper use of a vulnerable adults funds or property for another persons profit or advantage.” She brings to our attention how AARP, which is the largest membership organization for people over the age 50, intends to help the older generation all over the world to live happier, healthier, and more financially secure lifestyles. She goes on to mention how her corporation collaborates world-wide to help prevent the elderly from being financially robbed. In the United States, sadly this is happening to far too many elderly people. Supposedly, what is reported to AARP is only a small percentage. There are about 5 million elderly that are taken advantage of each year, which is roughly about 1 out of every 25 elderly. This is devastating to the people who get robbed from their life savings and because of its disturbing consequences lasting scars are left.
So how does this happen to such innocent people? Well, we all know that it could happen through telemarketers, con artists, or even tradesmen, but most shocking of all to me was that not only do “strangers” take advantage of them but also “the trusts” as what Sally mentions. These are people that the elderly know. Scary huh? People like friends, neighbors, or even family members that they have even given birth to! People that would have a huge advantage to them, the elderly would have complete trust in them, believing in them and even depending on them for help. How would they do this? Well they could walk away with their jewelry, take personal checks for their own pleasure or even borrow an ATM card for personal pleasures. Sometimes as noted, they would use words to threaten them or even play trick with their minds in making them get stuff that they want. This to me is shocking. Do not people have a conscious anymore? The trusted literally takes control of all personal belongings and controls everything that comes in and out of that person’s life, including other people. According to Sally, even though there are no bones broken, the effects of this can be devastating financially and emotionally. Their assets can be wiped out quickly leaving them dependent on family and/or federal income for help. They are no longer independent. According to Sally, “Financial abuse isn’t just about loss of money. Its ramifications go far beyond the dollars. It causes fearfulness, loss of confidence, depression, hopelessness, and suicide.” What a sad way for a person to end their life with being taken advantage of. I am glad to see that people all around the world are helping save the older generation!

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