Senior people live at risk of being financially abused without even knowing about it in many cases. Usually, seniors who live alone or don’t have financial awareness are at greater risk of being financially abused. There can be several types of financial abuse wherein seniors may end up losing their money against their will. For example, a close relative living with the senior may take control of their finances, a friend may take cash but refuse to return or someone may threatenthem to pay a certain amount for no reason. How do we know that seniors are being financially abused? Here are some symptoms that may help.

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Are You Being Financially Abused?

You must have noted, that some seniors live a financially deprived life despite having adequate financial resources. It could be a sign of financial abuse. In some of the cases, they lost control over their retirement corpus and had to live as per the direction of their close ones.

If the seniors are living alone, they may be at high risk of getting into the trap of fraudsters who look for such easy targets. Payment fraud, banking fraud, identity theft, etc. are used to steal money from seniors.

In some cases, seniors are misguided by the financial advisors who charge hefty fees from them. Seniors lose the invested money as well as the fees in such cases.

What seniors can do to avoid financial abuse? Here are some steps they can take to avoid being financially abused.

Deny If Someone Else Wants To Access Your Bank Account

Never give access to your bank account to anyone else. For example, you should not give your online banking ID and password to anyone, never give your debit or credit card and keep your bank cheque book in your safe custody. Even if the person is your close relative, avoid giving them access to your bank account.

Report The Police If People Often Pressurizing You To Give Money

In some cases, people who are close to senior citizens try emotional ways to pressurise them to get access to their retirement corpus and wealth. They may ask for assistance as a small contribution to start with and make it a habit later on. If they use a coercive method or a threat, you may report it to the nearest police station. You must use your money and wealth as per your retirement plan because you can’t afford any deviation at this stage of life.

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Finally

You need to be extra careful when taking care of your finances in your retirement. You should consult only with an accredited financial advisor. Try to keep yourself updated with new developments in the financial world. For any matter that may significantly impact your finances, always consult with your financial advisor in advance. Instead of spilling over your money here and there, stick to your retirement budget and spend strictly according to it.

The author is an independent financial journalist.