The Cost Of Financial Exploitation

Financial exploitation is something the majority of people know of, yet are unaware that it will affect them one way or another. This can be directly; a disabled family member, parent, or grandparent, or indirectly; family or personal friend, neighbour, or a family member of a friend. Learning about financial exploitation is the first step in protecting a person in our life from the terrible cost of undergoing such a traumatic experience, that in the worst case can lead to an early death. (read more here). What are the cost associated with this type of abuse that is on the rise?

The First cost to acknowledge is to the persons financial health and wellbeing. This cost is the one we automatically associate with financial exploitation, the loss or misuse of funds . A common case is when the person is defrauded of their money, money they have earned over a lifetime to take care of themselves in retirement. This money becomes more important if they require assistance in this later stage of life. In other cases it can be a loss of funds that family members have organised to ensure the financial health and wellbeing of their loved one. This is done to provide a level of security that many take for granted. Sadly, this loss creates a domino effect that will shake the life of the person whom has been exploited, making the simplest tasks and parts of life, more difficult than we can imagine.

The Second cost is the to the persons independence. The individual who undergoes this kind of exploitation will lose their trust in those around them, regardless of the relationships they have. Their perception on their state of life will change, they will begin to see themselves as a vulnerable, leading the person towards feelings of fear. This fear that makes tasks and activities difficult to attend to. Also, their confidence in their abilities will be in question, they will question it, and so will their loved ones. They can start questioning if they can handle their finances, or worse be told they cant handle them and need help. Although this is done with their best interest in mind, the loss in self confidence leads towards stress, depression, and worst feelings of hopelessness. (read more here). An experience such as this, is a crippling fear inducing, independence removing experience that will undoubtedly keep the person from the quality of life they want and deserve.

The third cost is the ability to obtain appropriate care. The changing demographics across the globe indicate that the ageing population will continue to grow, at the current pace, through 2050. In addition this section of a national population is living longer lives. This growth in the ageing population will effect the ability of national health service providers to support their care needs as they age. The change in national demographics is slowly beginning to be seen in advance economies around the world. This challenge faced by nation states highlights the need of individual citizens to have a bountiful nest egg for their later years. Having this nest egg will allow the person to fill in the gaps financially, for their care, where their state cannot. However, how can this be achieved if that nest egg has been exploited and misused?

There is a growing number of stories that are spotlighting the effects of financial exploitation on a person and their family. Glaneir is an important product focused on tackling exploitation now and for the future. Glaneir gives a family or individual the ability to establish financial protocols to protect themselves from the potential of abuse. The product works to protect the individual, protect their family, and protect their future. As our loved one ages they deserve to enjoy life, they have earned their years of peace, and no one should take that away.