Types of Financial Abuse Among Elders
Nowadays financial abuse has become a common factor among elders. Financial abuse is referred to as illegal usage of an elder’s money, property or resources (Acierno et al., 2019). Financial abuse is coercive control that means it is psychological and non-violent in nature that comprises of a range of actions such as assaults, intimidation, threats, humiliation and control of finances (Gill & Aspinall, 2020). It is not constricted to activities like theft, concealment, misuse, misappropriation or fraudulent of monetary sources of an elderly person. Financial abuse has negative impact on the victim as it occurs knowingly with the consent of the elders but failing to detect the abuse (Jackson, 2021). It is similar to other kinds of abuse however receives less attention in the eyes of law. Financial abuse on elders was always present in the society. It is only in the recent decades, that the abuse has been acknowledged as a major societal problem. Elderly abuse is a growing concern as a prevalent problem. Understanding financial abuse need discrete analytical response and perspective (Garg et al., 2021).
Almost half a million people within the age group of 60 years were ignored and abused was estimated but The National Elder Abuse Incidence Study (NEAIS) (Sweileh, 2021). Elderly abuse remains underreported and not much importance is given to it. Elder person can be abused financial even in the domestic settings by the persons who is closer and well aware to the elderly person (Jahangir et al., 2018). Financial abuse can be carried out by family members, caregivers and even friends of the elderly abuse. Financial abuse in domestic settings makes it difficult for resolving the deep-rooted conflicts and family dynamics. It is also known as financial mistreatment, economic, fiduciary, exploitation, material abuse comprises a varied range of behaviour. The financial abuse of the elderly has very less federal concern or rather absence of federal law to protect the elderly against the financial exploitation of the individuals. However, three approaches are implemented for the protection of the elders such as (a) when an individual attains a certain age, he/she is protected (b) Vulnerable adults receive protection regardless of their age (c) Protection provided to any age group and to all vulnerable individuals. At times it is difficult for the state to recognize financial abuse, however exploitative transaction out of legal economic transaction out of undue influence, fraud, or missing of informed consent. In complicating circumstances, the perpetuator believes that the perpetuators have some rights on the assets of an elderly person. Out of affection, elders try to benefit their children or legal heirs as reward for taking care of the elderly person. It will be difficult to identify the transfer of assts with consent or not. There are different types of financial abuse of the elders such as (a) using, misusing or using money or property without the knowledge of the owner (b) elderly person being forced to sign (c) On bank account, the abuse of joint signature authority (d) ATM, debit or credit cards missing or misplaced (e) Without prior permission of the elderly to cash check (f) withdrawing pension without the knowledge of the elderly (g) providing information that are misleading and influences the elderly people (h) persuading elderly people to sign a contract against their will. About 12% of the financial abuse constitute the elderly abuse report (Myhre et al., 2020). It is mostly found in minority populations. Deterioration of assets led to security and independence of the elderly people.
Prevalence and Impact of Financial Abuse Among Elders
In Australia, financial abuse is considered a legal crime. Crimes Amendment Bill was introduced which enable the amendment of crimes that are prevalent in the society. It has implemented a penalty of imprisonment for years or monetary fine. According to NSW, unless the behaviour of the perpetuators has led to stalking, physical violence or damaging properties, it is difficult to be identified by the respective authorities. Victoria acknowledged and incorporated “family violence” under the Family Violence Protection ACT towards the person’s behaviour if it is found to be exploitive in nature either physically, sexually, economically, emotionally or psychologically. Victoria amended the law that punish the criminal behaviour in terms of violence, coercion, physical or emotional abuse. It is important to legally protect the elderly person from financial abuse as it leaves a negative impact on the psychological health of the elders. Elderly people are naïve and can easily be manipulated by their near and dear ones where they can blindly trust their own people. It can lead to the financial abuse where the others can take advantage of the elderly people without any fear of being aught or punished. As it is difficult to identify financial issues without any breach of physical contact. No control on financial abuse can lead to increase in the crime rate of theft and exploiting any person is a criminal offence.
Welfare is considered as the well being of an individual- being safe, happy and secure (Huttel et al., 2020). The term welfare and wellbeing are interrelated and interconnected. It can be used interchangeably. The circumstances in which people live and grow plays a role in determining the well being of the person. The Australia’s federal government has conducted different level of systems to be responsible towards the services, policies and assistance shared. Australia plan to protect the older Australians include (a) National plan for elders will be supported (b) Elder Abuse knowledge hub development (c) Prevalence and understanding of the elderly adults. A national plan was prepared as a respond to the elder abuse in alliance with territory and state governments. An overview of the issues is provided by the National Plan that the government must act on an immediate basis. The action areas will lead to deriving better information about the elderly abuse, co-operation across jurisdictions, better service responses, attending to the needs and benefits of the elderly people while making it easier for the access of the elderly as planning tools. Government of Australia funded COMPASS- a guiding action for elderly abuse to gain information and resources from all across and over the country and it was developed by Elder Abuse Action Australia (EAAA) (Dow et al., 2020). Font line service has been allocated only for the needs of the elderly people who has been financially abused. The current service will be made available to the people between the age group of 60 and up and for indigenous people it is 50 and up. The services will mainly emphasize on the needs of the elderly people. Aged care Act 1997 is one of the important laws that addresses the aged care funded by government (Flanagan, 2019). It has rules mentioned like regulation, funding, quality care, and the rights of people to receive care with the implementation of laws on discrimination and diversity on aged people (Khadka et al., 2019). In the framework of aged care, all the people of aged group are welcome to avail the service despite of their differences in terms of cultural, religious, social, medical, or psychological needs (Ries & Mansfield, 2018).
Federal Protection Against Financial Abuse for Elders
The current application of the law has certain drawbacks while benefitting the elderly such as the elderly people are not so well equipped with technology and does not have such level of understanding. They need a law that could protect them from financial issues strictly. The perpetuators must be scared to perform an act that would harm the well being of the adults. It need not to be a physical harm in order to be identified or acted upon with penalty and punishments. Mental or psychological affect has a greater impact on the health of the adults and they might not feel protected, safe or cared (Hofmeyer & Taylor, 2021). They are vulnerable victims. The age bracket of 60 and above is matter of conflict as 50 years old is an elderly as well and it cannot be justified or restricted with numbers. There must be strict penalties which will refrain the perpetuators who are mostly from the family or friends to not con their elderly and manipulate them to yield benefits.
It can be concluded from the above discussion that elderly people are always susceptible and vulnerable to abuse; be it financial, physical, emotional or domestic. Elderly people are mostly driven by emotions and are gullible in nature that is why people end up deceiving them forfeiting money by forging, forcing or manipulating. Financial abuse affects the mental stability and emotions of being cheated on by near ones that impacts the health of the elderly people. There are in numerous elderly people who are being conned as it is unidentifiable because the occurrence is mainly in the domestic area and among loved ones. Most of the times the cases of financial abuse are not even reported to be encountered by the law or to take strict actions by the government. However, it is the duty of the Government to amend laws that can protect the well being of an individual. There are laws for the protection of the elderly people that takes care of their needs. Elderly people have less time to cope with their losses and mostly live on their savings. Although the plans are not well formulated and does not specifically target the perpetuators who are committing crimes with strict penalties of monetary loss and of their life.
References
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