There are many ways that your aging loved one may find him or herself mixed up in a financial scam ranging from identity theft to phishing scams. Unfortunately, many seniors either do not realize that they are being scammed, or are too embarrassed to admit it if they discover a hoax, and they will compensate their lifestyle and finances to cover the truth.
If you are concerned about the safety or the financial wellbeing of an aging parent or loved one, knowing the signs that indicate he or she may be the victim of a financial scam will help you get him or her out of the situation. Here are a few things our caregivers say to look out for:
- Selling Personal Items – It is not unusual for seniors to downsize their belongings, but if you notice mom or dad is selling off valuable items that have a lot of sentimental value, they may be having financial problems.
- Borrowing Money – There are many reasons that a person borrows money. However, excessive borrowing of money, especially if your loved one is usually financially secure, can be a sign of financial duress.
- New Lifestyle – If your loved one suddenly changes their lifestyle to include very frugal living standards, this may be a sign that they are in financial trouble. This may include things like cutting medicine doses, eating different or cheaper foods, and stopping participation in activities that they enjoy.
- New “Friends” – If your loved one is often sharing stories of new “friends”, it may be in your best interest to have a closer look at what is taking place. It is common for individuals to befriend seniors in order to have the older adult pay their bills, “loan” them money, or buy them things in the name of friendship.
If you notice that your loved one is exhibiting any of these warning signs, set aside time to have a serious conversation about finances. While it can be difficult to broach such a sensitive topic with your loved one, sorting things out as early as possible can ensure an enjoyable retirement and his or her financial future.
For other tips about caring for a senior parent or loved one, reach out to the elder care experts at Home Care Assistance in North Houston, TX. We provide reliable hourly and live-in care, helping to ensure the safety and comfort of seniors, while giving their families peace of mind. Call 832-412-1345 and allow an experienced Care Manager to answer your questions and help you schedule your free, no-obligation consultation.