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Elder financial exploitation gov conf presentation


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Elder financial exploitation gov conf presentation

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Elder financial exploitation gov conf presentation

 Promoting Financial Security by Preventing Elder Financial Exploitation Pamela B. Teaster, Ph.D. Professor and Associate Director Karen A. Roberto, Ph.D. University Distinguished Professor and Director Center for Gerontology Virginia Tech The Governor’s Conference on Aging Tools & Strategies to Prevent Financial Exploitation Richmond, Virginia, May 2, 2016
  3. 3. CENTER FOR GERONTOLOGY Agenda 3 ▪ Understand the scope of elder financial exploitation ▪ Recognize strategies for preventing elder financial exploitation ▪ Identify the roles of organizations and entities involved in addressing elder financial exploitation in Virginia and nationally
 It Can Happen to Anyone… To those seniors and especially elderly veterans like myself, I want to tell you this: You are not alone and you have nothing to be ashamed of. If elder abuse happened to me, it can happen to anyone. Mickey Rooney Testimony to Senate Special Committee on Aging March 2, 2011
  5. 5. CENTER FOR GERONTOLOGY What is Elder Abuse? Elder abuse refers to intentional or neglectful acts by a caregiver or “trusted” individual that lead to, or may lead to, harm of a vulnerable elder (National Center on Elder Abuse [NCEA], 2009). 5
  6. 6. CENTER FOR GERONTOLOGY How Much Elder Abuse Exists? One year incidence rate: ▪ emotional abuse = 4.6% ▪ physical abuse=1.6% ▪ sexual abuse = 0.6% ▪ potential neglect = 5.1% ▪ financial abuse = 5.2% 6 Acierno et al., 2010
  7. 7. CENTER FOR GERONTOLOGY What is Elder Financial Abuse? When a person who stands in any position of trust to an elder or dependent adult takes or appropriates that person’s money or property to any wrongful use or with the intent to defraud 7
  8. 8. CENTER FOR GERONTOLOGY Prevalence of Financial Abuse ▪ 3rd most commonly substantiated type of elder abuse ▪ Accounts for 30-50% of all abuse and 2.9 billion (MetLife Mature Market Institute, 2011) ▪ For every known case of elder financial abuse, it is estimated that 4, to 5 cases go unreported 8
  9. 9. CENTER FOR GERONTOLOGY Something More: 
 Financial Abuse as a Catalyst for 
 Other Types of Abuse ▪ FAB involved deceit, threats, and emotional manipulation of the elder in almost all cases ▪ Physical abuse and neglect and sexual violence frequently occurred in tandem with financial crimes 9
  10. 10. CENTER FOR GERONTOLOGY Who Are the Likely Victims? ▪ More women than men, but the numbers vary by type of abuse ▪ Older adults who are isolated ▪ Older adults who are lonely ▪ Older adults who are unfamiliar with financial matters ▪ Older adults with cognitive impairment ▪ Some connections to SES, place but relatively unexplored as yet 10
  11. 11. CENTER FOR GERONTOLOGY Why Do People Abuse Elders? ▪ Perpetrator-victim dependency ▪ Perpetrator deviance ▪ Victim vulnerability ▪ Caregiver stress ▪ Social isolation ▪ Ageism ▪ Inadequate resources ▪ Lack of knowledge of the problem 11
  12. 12. CENTER FOR GERONTOLOGY Primary, Secondary, and Tertiary Prevention
  13. 13. CENTER FOR GERONTOLOGY Primary Prevention: Prevents Financial Elder Abuse from Occurring at All by Preventing Exposure to Risk Factors 13
  14. 14. CENTER FOR GERONTOLOGY Why are Older Adults Targets of Financial Abuse? ▪ Accumulated wealth ▪ Often home alone ▪ Socially isolated ▪ Need for assistance 14
  15. 15. CENTER FOR GERONTOLOGY Risk Factors ▪ Gender – females victimized nearly 2:1 ▪ Age – most vulnerable at 80-89 years ▪ Living alone – with observable vulnerability ▪ Personality – tenuous, values independence 15
  16. 16. CENTER FOR GERONTOLOGY Additional Risk Factor: 
 Cognitive Impairment ▪ Normal aging includes cognitive decline in several domains ▪ Dementia prevalence climbs rapidly after age 60, doubling with every 5 years of age ▪ Roughly 50% of the population 80+ has some form of medically diagnosed cognitive impairment 16
  17. 17. CENTER FOR GERONTOLOGY reasoning planning speech movement emotions problem- solving vision perception of touch pressure temperature pain perception and recognition of auditory stimuli, memory Brain Functions by Region *Executive Function* 17
  18. 18. CENTER FOR GERONTOLOGY What is Financial Capacity (FC)? 18
  19. 19. CENTER FOR GERONTOLOGY Decline of Financial Capacity ▪ Decline of financial capacity usually occurs very early in the course of cognitive impairment ▪ Both older adults and family members may be largely unaware of encroaching deficits in financial skills 19
  20. 20. CENTER FOR GERONTOLOGY Financial Abuse: Warning Signs ▪ Fear or submissiveness to caregiver; any sign of intimidation by another ▪ Isolation from relationships ▪ New “best friend” or “sweetheart” ▪ Withdrawn behavior or disheveled appearance ▪ Missed appointments, uncharacteristic nonpayment for services ▪ Unusual bank activity or withdrawals that cannot be explained 20
  21. 21. CENTER FOR GERONTOLOGY Warning Signs (continued) ▪ Anxiety about personal finances ▪ Lack of knowledge about financial status ▪ Missing belongings or property ▪ Significant changes in spending patterns ▪ Sudden changes in financial management, legal documents 21
  22. 22. CENTER FOR GERONTOLOGY Prevention Strategies for Older Adults and Families ▪ Stay organized ▪ Stay informed ▪ Stay alert ▪ Never be pressured into making an immediate decision 22
  23. 23. CENTER FOR GERONTOLOGY Secondary Prevention: Seeks to Minimize the Severity of the Exploitation Once it Has Occurred 23 Don't see how the Metlife slides address secondary prevention, but like the focus of the 3 slides I kept - if keep will need some connection points
  24. 24. CENTER FOR GERONTOLOGY The MetLife Study of Elder FAB: 
 Crimes of Occasion, Desperation, and Predation Against America’s Elders Follow -Up Study: 2011 ▪ Expanded analysis of scholarly research ▪ Reviewed articles from Spring and Holidays 2010 ▪ Interviewed select victims identified in 1st study 24
  25. 25. CENTER FOR GERONTOLOGY Crimes of Occasion Crimes of opportunity or incidents of financial abuse or exploitation that occur because the victim is in the way of what the perpetrator wants. 25
  26. 26. CENTER FOR GERONTOLOGY Crimes of Desperation Crimes of desperation are those in which family members or friends may become so desperate for money that they do whatever it takes to get it. 26
  27. 27. CENTER FOR GERONTOLOGY Crimes of Predation Crimes of predation or occupation occur when trust is engendered specifically for the intention of financial abuse later. 27
  28. 28. CENTER FOR GERONTOLOGY The Case of Laura: 
 An Example of Secondary Prevention
  29. 29. CENTER FOR GERONTOLOGY How Do We Minimize the Severity of Financial Abuse? ▪ Involve the medical community ▪ Involve Adult Protective Services & Other Social Services ▪ Involve LTC Ombudsman ▪ Involve Law Enforcement ▪ Involves Faith Communities ▪ Involve Banks ▪ Involve MDTs ▪ Involve Friends & Family 29
  30. 30. CENTER FOR GERONTOLOGY Tertiary Prevention: Seeks to Minimize Damage and Disability Due to the Exploitation by Providing Medical Care and Rehabilitation Services 30
  31. 31. CENTER FOR GERONTOLOGY Involvement of the 
 The Medical Community 31
  32. 32. CENTER FOR GERONTOLOGY Involvement of 
 The Legal Community 32
  33. 33. CENTER FOR GERONTOLOGY Involvement of
 The Social Work Community 33
  34. 34. CENTER FOR GERONTOLOGY Involvement of Other Professionals and Policy Makers Community programs and educators ▪ Educate about potential scams, Do Not Call registry ▪ Educate about vulnerabilities, warning signs, and prevention measures Policy makers ▪ Elder Justice Act - March, 2010 ▪ Improved regulation of post-retirement financial sector 34
  35. 35. CENTER FOR GERONTOLOGY ▪ Equal opportunity transgression, but more women than men appear to be victims ▪ Financial capacity determination may deter the problem ▪ Higher incidence in community dwelling elders (we think) ▪ Under recognized and under reported ▪ Medico-socio-legal problem (and others) ▪ Grave consequences on a multiplicity of nested systems ▪ Prevention and intervention may require a team approach ▪ Numerous areas for researchers and practitioners to join forces ▪ Health effects may be compelling 35 The Take Away
  36. 36. CENTER FOR GERONTOLOGY Selected Resources ▪ The National Center on Elder Abuse ▪ The National Committee for the Prevention of Elder Abuse (including The Journal of Elder Abuse and Neglect) ▪ The International Network for the Prevention of Elder Abuse ▪ The National Adult Protective Services Association ▪ The great resources in Virginia and other states ▪ Your imagination and hard work!
  37. 37. CENTER FOR GERONTOLOGY Thank you!