Elder Family Financial Exploitation (EFFE)

·       First, what is elder financial exploitation?

The illegal or improper use of the funds, property, or assets of people 60 and older. AARP estimates that in 2020, $28.3 billion was stolen from elderly (65+) in the US.

·       What is elder family financial exploitation (EFFE)?

The illegal or improper use of the funds, property, or assets of people 60 and older by family. Family members are the number one perpetrators of elder financial exploitation (NAPSA, 2018). Most theft experienced by elders is perpetrated by their own family members.

•       What are common scenarios for EFFE?

The elder has dementia or other cognitive issues.

The family perpetrator has access to financial accounts.

The family perpetrator manages the financial accounts and property of the elder victim.

·       What are common characteristics of family perpetrators?

Universal: entitlement and being trusted

Common personality types: narcissistic, sadistic, and bullying ; overwhelmed

Daughter is most common, then son, then grandchild

·       What are other common characteristics among those who commit EFFE?

Manipulating behaviors

Deceitfulness, lack of transparency

Lack of remorse or empathy

Public image at odds with private persona

Retaliatory actions towards those who question their behavior

·       What are other family or societal factors that can facilitate EFFE?

Family members not sharing concerns about the perpetrator

Unresolved family conflict

Dynamic of a bully alongside conflict avoidant persons within family

Family or individual secrecy about money

Legal professionals hired to protect elders sometimes collude with perpetrators, for own gain, to stay in their lane, or bias towards the perpetrator (who may be charming).         

Financial Power of Attorney (POA) has been likened to a “license to steal.”

EFFE is elder abuse, is a crime, and is reportable.

ref: National Adult Protective Services Association (https://www.napsa-now.org/); Gunther, J. AARP Public Policy Institute, 2023; Vincenti VA, Maurya RK. Victims and Offenders. 2023; Burnett J, et al. J of Elder Abuse & Neglect, 2024.