Senior Scams - Conversations To Have To Avoid Financial Chaos

Does this sound familiar? Package after package, box after box, arriving to home. “Where do all these packages keep coming from?!”

We spoke with a Technology Specialist and Family Caregiver who has experienced concerns and difficulty managing the spending of their loved one just as many of us have. They shared their experience and what tips they have for others to evade heightened shopping.

As our loved one’s age, shopping habits can change, escalate, and cause some agitation within the family. Discussing finances can be a difficult task but adding on the task of actively monitoring the spending of a loved one compounds the difficulty - I mean, should we or shouldn't we?

“We felt mom was trying to cover up her loneliness and depression over her health changes with her tendency to buy material things. Retail therapy has always been a favorite past time. From in-app purchases to Amazon spending, to Facebook click-bait, mail-order shopping, and generous over-the-phone donations to animal rescue groups, discussing the overspending was VERY difficult.”

And what seemed to accompany the increased spending… hoarding. Her habits became increasingly apparent once there were health issues and a change in her mobility. We saw it was harder for her to hide the consequences of this purchasing behavior as she would have to call for assistance to get all the packages inside.

Dementia in this case played an increased role in relation to the excessive shopping. “Mom would feel the need for a new pair of shoes and forget her recent purchase. Before we knew it, 10 new pairs of shoes arrived on the doorstep.”

Here are the tips we have compiled to battle this difficult situation:

1. Make sure parents are on the Do Not Call List. This helped in fielding phone calls and her frustration over having to answer her phone and meet the stranger on the other side asking for "things". Saying "no" was very difficult for her.
2. Watch for changes in spending habits, rise in health situations or changes to abilities in daily living habits.
3. Demonstrate genuine interest in supporting their life and getting to know their interests, friends and caregivers. This helps so they don’t feel isolated and depressed.
4. Make yourself available for financial assistance with the willingness to keep judgement free and base conversation on facts and safety.
5. Encourage the use of appointing a financial Power of Attorney before any changes in health situations arise. This will assist in navigating any issues should a loved one become unable to handle independently.
6. Offer assistance with the large purchases or household tasks to ensure not being taken advantage of by others or participate in the experience. "Mom made a decision to replace a refrigerator at the recommendation of the handyman for a refrigerator that was less than 2 years old. Alarm bells were going off for us as family members since he was offering to replace it for her if she just gave him the money for it."
7. Keep an eye out for excessive buying, duplicates, or over-buys on subscriptions, etc.
8. Assist with checking the mailbox and ensure being opened, bills paid, keeping an eye for suspicious mail  and seeing excessive donations or "prizes".

We are not the only adult children finding it hard to balance the help in the spending habits of their parents. I hear others saying their parents insist there is no problem and they can spend what they like as well. And it is still important to remember it is their money! As long as they are competent and able, they have the right to choose how to spend and make their own mistakes.

We have viewed our goal as a care provider and family member, is to help them retain their independence and security as long as possible. 

Falls in the senior community are far too common, costly, and preventable. Senior care fall strategies shouldn’t be reactive - they should be proactive. Just imagine if you could monitor, track, and address patient needs BEFORE a fall happens. This type of fall prevention initiative is available with Source of Life Technologies - Mat of Life - your modern fall prevention solution. 

You can learn more about Mat of Life here.