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Money Management: Financial Danger to Self?

Money management problems may be the result of memory, the recent loss of a loved
one who took care of finances, a gambling problem or being exploited by strangers,
friends, or relatives who manipulate seniors. The inability to organize finances can
result in bounced checks or utilities shut off. If your loved one has recently lost a
spouse who always took care of the finances, there may be problems managing money, or
extra help may be needed.

Older adults are prime targets for swindlers. Sadly, such “financial
abuse” does not always come from strangers. Younger friends or relatives
manipulate many older adults and financial abuse can take many forms. The person
might gain access to your loved one’s credit cards or talk them into granting
Power of Attorney. This individual could use your loved one’s assets or
belongings without their permission. They might even forge your loved one’s
signature or demand that they sign over their pension checks.

To find out if your loved one needs financial protection, from them self or
others, answer the following questions as accurately as you can.

Has your loved one:

1. Put mail in stacks, but never opens it?

2. Received shut off notices from utility or phone companies (or had the utilities/phone shut off for lack of payment)?

3. Experienced difficulty reconciling the checkbook with bank statement?

4. Moved large amounts of money or sold assets?

5. Mentioned being unable to find personal belongings?

6. Made uncharacteristic comments reflecting concern about money?

7. Made unusual purchases of goods or services, including multiple purchases of the same items?

8. Made purchases from people who call on the phone or come to the door?

9. Withdrawn from usual social activities or contacts (for example, making fewer telephone calls or visits)?

10. Recently drawn up or signed legal papers but is not able to explain them?

11. Suddenly acquired a very attentive ‘new best friend’?

12 Seemed to have one individual who appears to be controlling their thoughts and actions?

13. Become unusually nervous, anxious, or rude for no apparent reason?

14. Begun to act fearful, embarrassed, or ashamed?

15. Had a past history of being abused or taken advantage of?


Your Results: 0 (Total number of “Yes” answers)

Low risk (Score: 0)

Your loved one is probably safe and able to continue as before if the following
are true:

  • Not showing signs of memory loss
  • Does not appear to be under the influence of one particular individual
  • Has not changed general habits or behaviors
  • Not expressing new or unusual concern about money

If your loved one begins to spend money in new or unusual ways, or if someone
appears to be taking control of their life and isolating them from usual support
systems, you may want to investigate. The National Center on Elder Abuse is
dedicated to fighting the ways that people take advantage of older adults,
including financial manipulation. The Eldercare
Locator can help you find the center nearest you. You can also look in the
government section of the phone book for “Adult Protective
Services.”

Medium Risk (Score: 1–3)

Your loved one is probably OK living independently, but may need assistance with
money matters. Things to look out for include:

  • Changes in usual habits
  • Signs that money is being spent beyond means
  • Social isolation
  • Controlling or overly attentive “new best friend”
  • The utilities or phone being shut off for lack of payment

Whether your loved one is being manipulated, or is simply having trouble keeping
track of the bills, there are things you can do to help. The "/http://www.eldercare.gov">Eldercare Locator can put you in touch with
services designed to protect older adults from con jobs, and from their own memory
problems. A bill paying service, for instance, has bonded employees who can help
your loved one keep track of the bills and reconcile monthly bank statements. They
can help to make sure utilities remain in service. They can also help to monitor
spending by looking for unusual activity.

High Risk (Score: 3–15)

With so many indications of potential money management problems, it appears that
you may want to step in and be sure your loved one is not in financial danger. The
key here is whether your loved one is showing changes from usual behaviors. If
they’ve always left the mail unopened and frequently let the utilities be
shut off, this may simply be a “normal” way of living. However, if
these are new behaviors, there are enough of them that you would be wise to have a
discussion about it. Find out if your loved one is aware of the changes. Money
matters can be tricky to handle. You may want to get professional advice about how
to best deal with the situation.

The Eldercare Locator can put you in
touch with services designed to protect older adults from scams and fraudulent
offers—and from their own memory problems. A bill paying service, for
instance, has bonded employees who can help your loved one keep track of their
bills and reconcile monthly bank statements. They can help to make sure utilities
remain in service. They can also help monitor for unusual activity.

If your answers are less about the potential for con artists taking advantage,
and more about memory problems, it’s a good idea to talk with your loved
one’s doctor. It could be related to medications, or possibly be early stages
of a memory disorder such as Alzheimer’s, or some other physical ailment that
may be causing it. The sooner you can make an appointment for an evaluation, the
better. There are medications that can help and possibly slow the process if
dementia is the problem.

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