Caregivers are urged to keep close watch on an elderly loved one's checkbook and finances throughout the holiday season. Professional scam artists are out to prey on unsuspecting and trusting older people. But criminal activity is only part of the problem. Elderly persons with some form of dementia or memory loss can easily lose life savings or drain a personal checking account with uncontrollable spending habits.
Places Where an Elderly Person is Likely to Overspend
Elderly persons with Alzheimer's disease may be prone to overspending or may be guilty of giving too much money away to charity. Many churches and organizations typically ask for money donations during the holiday season when consumers are feeling generous. How is an elderly person likely to lose money during the Christmas season?
- Mail order catalogues
- Charity contributions
- Church donations
- School fundraisers (Children selling candy and magazine subscriptions door-to-door)
- Television marketing shows or holiday product ads
- Online email offers
- Spam email that can lead to ID theft and loss of savings
- Telemarketing offers of products or holiday home repair
- Store sales events
Caregivers are Advised to Watch for Unusual Spending Habits and Take Action
It's not enough to balance the elderly person's checkbook at the end of the week or month. By the time a contribution is confirmed or a check is cashed, it is usually too late to recover the loss. Online banking makes it easy to keep tabs on a person's account. Check daily or more often for any sign of unusual spending activity.
Keep a record of the elderly person's credit cards. To prevent an aging family member from taking advantage of the constant stream of credit card offers or insurance offers that arrive in the mail, choose to opt out of the mailings. Visit the Consumer Credit Reporting Industry website and enter the aged person's information.
Stop telemarketers from calling. Prevent sales pitches for holiday home repairs and everything else all year long. Enter the elderly person's phone number in the National Do Not Call Registry.
Caregiver Control of an Elderly Person's Finances
What's the safest measure to prevent Grandma from making a hefty donation to a charity that may or may not be legitimate? Offer to take over the elderly person's finances or at least assume more responsibility for spending activity.
If no prior arrangements have been made regarding financial matters and the elder can no longer make sound decisions, then a family member may have to seek conservatorship. Taking away a person's rights is an emotional decision, but doing nothing is leaving the elderly loved one vulnerable to criminal activity.
What Else can Caregivers Do to Ensure an Elderly Person's Financial Security?
There are a few more steps a caregiver can take to protect an elderly family member. Caregivers and families need to know how to ensure the elderly person's safety as well as protect his or her finances.
- Make certain the elderly person is in possession of his or her wallet or purse. Elderly shoppers in malls and shopping centers can easily become victims of crime.
- Store employees can victimize inattentive elderly shoppers. Check sales receipts and keep copies until the credit card statements arrive.
- Be aware of elderly romance scams. What better time to take advantage of a lonely elderly person than during the holidays? Also known as black widow scams, the elder is befriended or romanced into a relationship. Once the perpetrator gains the victim's trust, he begins stealing property, money and savings. Elderly loved ones and their caregivers can easily become victims of ID theft.
Elderly people can be forgetful and inattentive, particularly those affected by memory loss or dementia. Odd or unusual spending habits may be a sign of early Alzheimer's disease. Caregivers are urged to keep close watch on an aging loved one's financial accounts, especially during the holiday season. Report criminal activity immediately and take further action to protect the elderly person from identity theft, phishing scams and financial ruin.
Mary King - Mary King is a Suite101 Topic Editor for the Caregiver Support and Home Management sections. She has authored 5 teen-based novels.
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