Financial Exploitation Child Abuse (Adult Ages 19-64 and Elderly Ages 65-100+)

 ADULT CHILD ABUSE:  FINANCIAL EXPLOITATION

Unless we are thinking about Ponzi Schemes or divorce situations, we never think about the fact that adults between the ages of 19-63 are victims of financial exploitation child abuse. But according to an article on Tiptoefairy.com website: 

BREAK FREE FROM FINANCIAL ABUSE, financial exploitation of adults is a form of domestic abuse. It occurs in 99% of domestic abuse situations.   

Duncan (2019) defines financial abuse in an article on Stayathomemommy.com:

"Financial abuse is when one partner withholds money, controls all the household spending and refuses to included the other partner in major financial decisions. Sometimes also known as economic abuse, it’s an insidious part of family violence…and many people who are experiencing it don’t actually realise that it is abuse until the relationship is over."  

Financial exploitation can be emotionally debilitating. 

Woman stealing man from a man--taking it from his pockets

 Elderly and disabled individuals are vulnerable to Financial Exploitation Child Abuse. Sadly, the greatest threat to them is not from strangers, but from those individuals--their family members, friends, etc. ... people who are supposed to be loving them and being concerned about their best interest.

According to the National Adult Protection Services:

"Financial exploitation is a fast-growing form of abuse of seniors and adults with disabilities. Situations of financial exploitation commonly involve trusted persons in the life of the vulnerable adult, such as:

    • Caretakers
    • Family members
    • Neighbors
    • Friends and acquaintances
    • Attorneys
    • Bank employees
    • Pastor
    • Doctors or nurses"

Scams can include sweepstakes, charity, and sadly, even insurance scams. 

PONZI SCHEMES

One of the worse schemes that destroy everyone's  life, but more elderly people are the Ponzi schemes. Ponzi schemes are frauds. You are led to believe that if you invest in a certain situation, you will make money. The earlier investors usually get some money, but those who come into the scheme later very seldom get any money, including the money back that they have invested. 

Ponzi Schemes

 

A Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. The scheme leads victims to believe that profits are coming from product sales or other means, and they remain unaware that other investors are the source of funds