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All too many times overwhelmed caregivers are physically and emotionally depleted and need to take time to rest and care for themselves. Believing in a holistic approach to caregiver stress and a strong commitment to helping our members find the right solutions, we created this blog to help you connect with others who, like you, may be facing the same eldercare issues and challenges. Feel free to comment, ask questions, and submit articles. Please forward the blog link to your family and friends. They'll be glad you did.

Warm regards,

Patricia Grace
founder & CEO
Aging with Grace

Tuesday, August 21, 2012

Caregivers responsible for the bulk of elder abuse

A new study confirms that financial elder abuse has reached the point of epidemic,with 65% of more than 750 interviews with experts who work with older Americans revealing victims of investment fraud or financial exploitation.
Of those who commit elder financial fraud, family members and caregivers are among the most common offenders, followed by strangers.
“Our new survey shows that financial swindles targeting older Americans are a bigger problem today than ever before and that seniors need more help.” said Don Blandin, president and CEO, Investor Protection Trust. “…Of course, there is no ‘silver bullet’ that will end the financial abuse of America’s seniors. Putting a major dent in the problem will require new and innovative collaborative efforts by many different experts and organizations, both public and private.”
Education is seen as the No. 1 way to combat the problem, through counseling or personal finance management programs tailored to the needs of older Americans. These programs are most effectively delivered through local professionals, protective service workers, law enforcement agencies and health care professionals, as well as senior centers, the study finds.
The magnitude of the problem and lack of effective ways to identify elder financial abuse has led it to become a health issue in addition to a national concern, says Dr. Mark Lachs, Director of Geriatrics, New York-Presbyterian Healthcare System.
“Elder financial abuse is not only about financial exploitation: It is a major public health problem. When older Americans are financially exploited and there are no resources left for their care, these individuals effectively become wards of the state. In these cases, all Americans end up paying.

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