Financial Abuse and Exploitation

Financial Abuse and Exploitation Recognizing the signs and how you can stop it.

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Agenda • A serious concern • Increased dependency • Cognitive Impairment • Identify the Threat • Defining and Recognizing • Why your role is important • What you can do • The issue of confidentiality • Reporting

A Serious Concern - Consequences • An older adult that is more dependent on others becomes more vulnerable and they are more susceptible to undue influence. IADL & ADL* = VULNERABILITY *Instrumental Activities of Daily Life & Activities of Daily Living

A serious concern - Timeline

Identify the Threat Financial Abuse / Exploitation Any act which involves the misuse/abuse of funds and/or assets belonging to an adult with disabilities or senior. “a single, or repeated act, or lack of appropriate action, occurring within any relationship where there is an expectation of trust that causes harm or distress to an older person.” – WHO (2002)

Identify the Threat • Financial Abuse and Exploitation may include: • Forced to sign over control / power of attorney • Forced to sell house, change will • Depletion of savings without owner’s knowledge • Discrepancy between standard of licing and financial assets

Contributing Factor – Ageism • One of the most significant factors contributing to all forms of exploitation of older adults is ageism. Negative attitudes and behaviours towards an individual which are based solely on the age of the person.

Perpetrating Financial Abuse Usually perpetrated by family members who may: • Have substance abuse, gambling, or financial problems. • Stand to inherit • Fear that their older family member use up their savings, depriving the abuser of an inheritance. • Feel a sense of "entitlement”. • Want to prevent other family members from acquiring or inheriting the older person's assets. - National Committee for Prevention of Elder Abuse

Access • Informal – signing blank cheques, providing PIN • Semi-formal – joint accounts • Formal – substitute decision making legislation (Power of Attorney)

Identify the Threat – Recognize the signs • Red flags in patience history and personal situation • Red flags from clinical observation

Why your role is important • Position of trust • Under reporting because of: • Not knowing where to report • Low or limited literacy levels • Cultural barriers • Social or geographical isolation • Dependant relationship • Proud / Embarassed / Afraid

Why your role is important • More than 50% of older adults who are experiencing abuse decline help when offered. • Fear of what will happen to themselves or the abuser. • Family loyalty. • Shame and embarrassment • A lack of information on what can be done to make the relationship safer for them.

What can I do? • Include questions about financial capability: • Introductory question / pocket guide • Financial Concern Checklist (for more information or for families) • Consider adding question on intake forms

What can I do? • Provide information about financial abuse (such as the checklist) and support services available • Guardianship • Community groups • Build an alliance with the family • Empower the victim of abuse • Refer to substance abuse counseling / rehabilitation or other support services • Report it or refer to the appropriate org.

Develop policy/procedures • Respect Confidentiality vs. Protection • Basic do’s and don’ts • Transparency with victim (Information sharing and actions) • When to inform the police • When to break confidentiality How to Deal with Financial Abuse of Senior Clients: Training Manual for Front-line Staff and Management of Financial Institutions.

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Financial Abuse and Exploitation