A conceptual framework of financial exploitation for older persons

Abstract

Elder abuse is a serious problem affecting thousands of vulnerable, older adults. Financial exploitation (also known as financial abuse) is a type of abuse that has serious implications for the victim's economic well-being and quality of life. Financial exploitation may deprive victims of their life savings and assets and, thus, their economic foundation for independence. Although work to date has provided some basic information on the risk factors associated with financial exploitation and the potential impact it may have on the older adults (and families) who have been victimized, much remains to be learned about its characteristics, causes, and consequences, and about effective means to prevent or manage financial exploitation. The purpose of this article is to describe a conceptual model that can guide the understanding of financial exploitation. This framework can assist policymakers, practitioners, law enforcement officials, and others to better develop, implement, and evaluate different strategies to reduce the risk of financial exploitation among older persons.