June 15 is Elder Abuse Awareness Day, a time for communities around the world to come together and shine a light on the challenges faced by older adults. It’s a moment to recognize our shared responsibility to protect and support seniors, ensuring they live with dignity and security.
At Taylor Bank, we’re committed to raising awareness about elder abuse, an issue that’s often overlooked and underreported. Elder abuse can take many forms, including physical, emotional, and financial mistreatment. Financial abuse, in particular, is a growing concern, involving the misuse of a senior’s funds, property, or resources without their consent.
What you can do to protect the seniors in your life
- Start the money conversation - Open discussions about financial matters with your elderly loved ones. Talk about creating a financial plan to help manage their affairs.
- Know the signs of financial exploitation - Look out for red flags like sudden changes in bank accounts, estate planning documents, or unusual withdrawals and spending patterns.
- Report suspicions immediately - If something feels off, don’t hesitate to take action. Contact local adult protective services, law enforcement, or the senior’s financial institution if you believe financial abuse is happening.
Tips for seniors to stay safe
- Stay connected - Keep in touch with friends, family, and your community to avoid isolation, which can make you more vulnerable.
- Plan ahead for aging - Get organized early by managing your financial documents and creating a plan.
- Review your finances regularly - Understand who can help manage your money as you age. Learn about tools like power of attorney.
- Add a trusted contact - Designate someone you trust to monitor your accounts and provide added protection.
- Protect your personal information - Do not share sensitive information like Social Security numbers, bank details, or passwords over phone or email.
Taylor Bank is here to help
Additional resources to help you stay safe can be found at our Security Center. If you have any concerns regarding the financial safety of an elderly family member or friend, we encourage you to reach out to us by phone at your nearest branch. We're here to help.
Together, we can create a safer and more supportive environment for our senior family and community members.
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