June 15 is World Elder Abuse Awareness Day. Many think of physical abuse when they hear the phrase, but often overlook another common way elders are abused: financially.
Financial elder abuse is rampant across the country, including in Utah, as outlined below:
What can you do to help prevent financial elder abuse? Follow the tips above to safeguard seniors’ money, including helping the seniors in your life protect their money by appointing a trusted third party to watch over bank accounts and statements without actually having access to them. Direct them to their bank, which can help seniors set up automatic transfers into smaller accounts on which they can provide access to a designated helper, instead of allowing the helper to access the senior’s full nest egg. And don’t forget to pick up a free copy of Navigating Your Rights: The Utah Legal Guide for Those 55 and Over available at legalguide55.utah.gov.
Learn more about how you can implement these changes using Bank of American Fork’s award-winning AccountSmart Tools for Seniors.