Recognising Financial Exploitation by Family Members or Caregivers

Photo source: openverse, Jsme MILA, Flickr

Financial exploitation is one of the most common forms of elder abuse, and it is often the hardest to spot because it usually comes from someone trusted: a son, daughter, grandchild, or hired caregiver. Understanding the warning signs can help older adults and their loved ones protect hard-earned savings and financial independence.

One common sign is sudden changes in banking or spending patterns. This might include unexplained withdrawals, transfers, or new authorised users added to accounts. A caregiver or relative who suddenly takes over bill paying or insists on managing all financial matters without being asked and who becomes defensive when questioned may be worth watching closely.

Another red flag is the disappearance of valuables or important documents. Missing jewellery, cash, or personal property, along with a caregiver’s reluctance to explain where items went, deserves attention. Similarly, if a will, power of attorney, or deed is suddenly changed and the older adult does not fully understand or remember agreeing to it, this can indicate undue influence.

Isolation is frequently tied to financial exploitation. A family member or caregiver who limits contact with friends, other relatives, or professionals such as accountants and doctors may be trying to control information and decision-making. Older adults who once managed their own affairs but are now kept from their mail, bank statements, or phone calls should be considered at higher risk.

Emotional and behavioural changes in the older adult themselves can also be telling. Anxiety, confusion, or fear when discussing money, or an unusual reluctance to talk about a particular family member, may suggest something is wrong. Some victims feel shame or fear retaliation, so they may minimise or deny problems even when asked directly.

Unpaid bills despite adequate income is another common indicator, as is a lifestyle that does not match known financial resources, such as an older adult who suddenly cannot afford groceries or medications while a relative appears to be living well.

If any of these signs appear, it helps to talk to a trusted person outside the situation, such as another family member, a lawyer, or a local authority’s office. Regularly reviewing bank and credit statements, keeping important documents secure, and maintaining relationships with multiple trusted contacts can all reduce the risk of exploitation.