{"id":24243,"date":"2016-05-23T11:09:04","date_gmt":"2016-05-23T03:09:04","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=24243"},"modified":"2024-06-12T15:23:05","modified_gmt":"2024-06-12T07:23:05","slug":"whats-elderly-financial-abuse-how-to-avoid-it-in-your-golden-years","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/whats-elderly-financial-abuse-how-to-avoid-it-in-your-golden-years","title":{"rendered":"What’s Elderly Financial Abuse & How To Avoid It In Your Golden Years"},"content":{"rendered":"

As beautiful as our golden years can be, an unfortunate reality to aging is an increase in vulnerability. We all know as our greying hair turns lighter, we become a little more prone to falls and illness every day. We jovially discuss the ups and downs of aging with family and friends, what we do about them and where to find help for the solemn aspects of our care. But there is also a topic regarding elder care that we as caregivers, family members, friends – and as the aging person – should be aware of.<\/p>\n

Elderly abuse is a subject that many don\u2019t want to talk about but let\u2019s face it, pretending it doesn\u2019t exist won\u2019t make it go away. Yes, we, Malaysians, are generally raised to value filial piety in our families and upbringing. Yet it is not a value that everyone subscribes to. We have to acknowledge that it could happen to us unintentionally or otherwise.<\/p>\n

Elderly abuse, like any other types of abuse, has emotional and unpleasant connotations made all the more complex in a culture where family pride is often measured by \u201cthe action of one reflects the whole\u201d. Coupled with the lack of specific laws for elder care in Malaysia, including the welfare protection of the elderly \u2013consultant geriatrician Dr Rajbans Singh said to The Star<\/a>\u00a0<\/i>identifying elderly abuse becomes a lot more difficult.<\/p>\n

Yet allowing elderly abuse and its\u2019 enabling factors to continue isn\u2019t an option. One of the most dominant types of abuse is financial abuse, which can leave the elderly victim destitute when left unchecked. According to a recent study, Public Policy & Aging Report<\/a>, the study of financial abuse conducted in countries around the world found it to be either the most or second most common type of elder abuse.<\/p>\n

The result supports the findings of the Department of Social and Preventative Medicine under Universiti Malaya\u2019s Medical Faculty \u2013 reported in \u00a0The Star\u2019s article titled Aging and abused by their own<\/a>.<\/em><\/em> The report states that financial abuse is the most prevalent abuse in urban areas of Malaysia followed by psychological abuse. In rural areas the reverse is true.<\/p>\n

Furthermore, according to an article in Forbes<\/i>\u00a0<\/a>financial \u00a0abuse of the elderly typically overlaps with other types of abuse such as physical, sexual, emotional or psychological abuse and neglect. With elderly abuse generally going unreported \u2013 as many see it as a \u201cfamily problem\u201d to be dealt with behind closed doors \u2013 attempting to curb it is all the more difficult. The problem will only grow as the elderly population in Malaysia increases to 15% by 2030.<\/p>\n

Hence, to boldly address elder abuse we need to know how to identify it and be vigilant. Here are the defined signs of financial elder abuse in a domestic setting to look out for:<\/p>\n

<\/span>Financial abuse of the elderly<\/strong><\/span><\/h2>\n

The National Centre on Elder Abuse<\/a> \u00a0defines financial or material exploitation as the \u201cillegal or improper use of an elder’s funds, property, or assets\u201d. \u00a0In other words, if your money and assets \u2013 or your parent\u2019s \u2013 is used without permission or in a fraudulent manner in any way, shape or form, it\u2019s financial abuse.<\/p>\n

Below are a few examples of the signs of financial abuse to be aware of that something is amiss. However, the list is not exhaustive and doesn\u2019t begin to scratch the surface of bad scenarios. You need not look further than the 72 year old man with dementia that was abandoned by his son at a bus station.<\/p>\n

When it comes to financial exploitation, we imagine someone behind a computer screen or a stranger tempting us with a convincing too-good-to-be-true scam for our money. While there are such cases, the reality is that \u2018someone\u2019 may not be a stranger. Our families and closest friends usually have our best interests at heart, but isn\u2019t always the case. They can fail you as much as anyone else with dire consequences.<\/p>\n

According to Health Link<\/a>,\u00a0financial abuse typically involves a family member or another person whom the older adult trusts. The abuse occurs when said family member or friend takes control of the financial decisions and the elderly person\u2019s funds, sometimes not even intentionally.<\/p>\n

As mentioned by Dr Rajbans Singh in The Star<\/em>, most cases of unintentional abuse he has encountered are due to the lack of knowledge and understanding of elderly care by the caregivers or family members. Adult children may not realise that their actions are financially abusive or neglectful toward their parents due to their bad decision.<\/p>\n[sc:sample_banner]\n

<\/span>Intentional abuse and blind faith<\/strong><\/span><\/h2>\n

On the other hand, there is the occasional rotten apple where a family member is intentionally abusive. You may have a family member with some form of impairment – such as substance abuse or mental illness – who has a dependency on you or your parents for varied reasons \u2013 like housing, transportation, money and even care \u2013 and typically relies on intimidation or physical abuse to get their way.<\/p>\n

Understandably, you may be reluctant to take any action and resign yourself to become a victim of abuse because of familial ties. He is your son, daughter, brother, sister, etc. you may say. However, this is not someone you want managing your finances and it goes without saying; doing so does not improve relationships.<\/p>\n

Much like The Star\u2019s<\/em> report on the 68-year-old clerk, whose son turned hostile after she handed him control of her finances and assets, it is unlikely the abuser\u2019s behaviour will change with the handover of your financial resources. The end result of doing so would leave you impoverished financially and relationally.<\/p>\n

Bear in mind you do not deserve abuse in any form, what more from any family member. Your accumulated wealth is the result of your hard work and you – or your elderly parents\u2013 deserve care when age catches up.<\/p>\n

<\/span>Seek preventive measures<\/strong><\/span><\/h2>\n

Regardless of the cause of abuse – unintentional or otherwise \u2013 the fact is medical expenditure is costly and according to the Malaysian Health Insurance<\/a>,\u00a0medical treatment costs double every five years. You would need your funds to ensure you receive the care and support you deserve. Additionally, you also need to consider paying for living expenses other than the medical expenditure and care-support. Less you or your parents end up not having money to survive and living on the sidewalks.<\/p>\n

Your golden years deserve to be one that is lived with dignity and happiness, a reward for the hard work and care you have given or received. Mistakes from ill-advised decisions or greed should not take that away from you.<\/p>\n

To that end it would be prudent to obtain a\u00a0living trust<\/a> \u2013 a trust that acts like a will while you are alive and whereby you set money aside for your care \u2013 that is managed by a team of credible and experienced professionals. Hence, you would mitigate the chances of financial abuse in your later years. You should also seek out a professional Care Manager,\u00a0 who has access to extensive resources for consultation on the care-support you need, thereby avoiding bad decision-making related to care.<\/p>\n

Aged Care Group (ACG) is an organisation engaged in the business of elevating the aged care industry in Malaysia. Its vision is to innovate and transform the perception of aging to create an ecosystem that provides an integrated care system. For more information visit www.agedcare.com.my or contact ACG at 03 \u2013 2142 1666.<\/em><\/div><\/div>\n
Image from Burton & Fisher<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

Elderly financial abuse is a subject that many don\u2019t want to talk about but it could happen to us unintentionally or otherwise. <\/p>\n","protected":false},"author":29,"featured_media":24247,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[256,218],"tags":[],"class_list":["post-24243","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lifestyle","category-money-management"],"acf":[],"yoast_head":"\nHow-to: Avoid Financial Abuse In Old Age | iMoney<\/title>\n<meta name=\"description\" content=\"Elderly financial abuse is a subject that many don\u2019t want to talk about but it could happen to us unintentionally or otherwise.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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