There are several warning signs that bear watching that an older person might become–or already is–the victim of financial fraud or mismanagement, according to a report done for the Investor Protection Trust.
It said that 43 percent of older victims exhibit one or more of these warning signs: being called or mailed frequently with requests for money, lotteries or other schemes; lack of comfort in making big financial decisions; lack of understanding of financial decisions others make for them; making more loans or gifts than they afford; pressure to give away money or change a will; trouble paying bills because they are confusing; and that money seems to be disappearing unaccountably.
It said that more children of parents over age 65 are becoming aware of such issues, though, with 47 percent very or somewhat worried that their parents have already become or will become less able to handle their personal finances over time, up from 40 percent in 2010. Only 25 percent say they are not worried at all, down from 36 percent in 2010.
The report said there also is greater awareness of such issues among health care providers–21 percent of children of older parents said that providers have raised concerns about the parents’ ability to handle money, up from 5 percent in 2010. However, 61 percent of children said they are not in touch with their parents’ health care providers.