There’s no way to guarantee your aging parents won’t fall victim to elder financial abuse, but there is one thing you can do to help cut the odds: Be sure they’re discussing their finances with someone they (and you) can trust.
That’s the upshot of the recent Allianz Life study,Safeguarding Our Seniors. When surveying 1,223 people who were 65 and older, Allianz found that only 8% of those who said they were victims of elder abuse also said they were “currently discussing their finances with another person.”
The Need to Talk About Money
And those who talk to “third-party resources” about their finances felt better equipped to identify and prevent elder financial abuse than those who don’t: 84% who regularly talk with friends and family about their finances and 82% who speak with hired money pros were confident about protecting themselves vs. 70% who do neither.
While 93 to 94% of survey respondents who talk about their finances with a hired professional or friends and family said they never sign documents they don’t completely understand, only 82% who handle their money alone said that.
Allianz Life President and CEO Walter White (yes, he has the same name as