Those who serve as financial caregivers for older adults or people with disabilities have unique worries and challenges due to the COVID-19 crisis. During times like these, financial exploitation of the elderly and disabled may be even more common than usual. Older adults may be the targeted by financial predators because they have regular income in the form of retirement benefits or savings. Scammers may take money without permission, fail to repay money they owe, charge too much for services, or not do the job for which they were hired.
The Consumer Financial Protection Bureau (CFPB) offers up-to-date information and resources to help you protect and manage the finances of elder or disabled adults you care for, even if you are physically separated from them.
Help for Financial Caregivers
Here are tips to help your older or disabled relatives, friends, or neighbors with their financial responsibilities during social distancing:
- Use phone calls and video chats to connect. Check in and ask questions if your relatives express concerns about money or mention unusual financial activity.
- Tell your older family members about common types of scams, as well as how to prevent and report them. The CFPB Money Smart for Older Adults resource guide can help.
- Learn more about your responsibilities as a financial caregiver, spotting financial exploitation, and avoiding scams in the CFPB Managing Someone Else’s Money guides.
- Help identify warning signs of financial exploitation if your loved one is living in an assisted living or nursing facility by reading Protecting Residents from Financial Exploitation.
Your Employee Assistance Program is Here to Help
Your EAP provides legal and financial consultation services and can provide you with guidance as you meet your caregiving obligations. The EAP is available to assist you and your family members 24 hours a day, 7 days a week. All services can be accessed without leaving your home. For more information, contact your Component EAP, or send an email to firstname.lastname@example.org.