5. Money shortages: "If the parent's money supply starts to fail, he/she may cut back on buying food and medications," Ladew says. Clearly, this can be very dangerous. If you, as caregiver, are aware of financial difficulties, you can seek financial assistance from government or community agencies on behalf of your parent.
6. Frivolous purchasing: Elders sometimes get into the habit of making unnecessary, even unwise, purchases. They might buy from QVC, catalogs, telemarketers, direct mail pitches, or on the Internet. The parent doesn't tell the caregiver in fear that their purchases will be restricted and financial independence taken away. As caregiver, keep an eye out for new items, and even strange merchandise. If you suspect your parent is making unwise purchases, check credit card statements and checkbooks. Sound sneaky? Perhaps, but as a caregiver, financial responsibility comes with the territory.
7. Gambling: "Many elders gamble out of boredom, to fill free time," Ladew says. The casinos know this, and often target elders on television, radio, the Internet and direct mail. The gambling houses offer "senior special" meal prices to draw the parent to the slots and game tables. However, gambling can quickly get out of control and lead to financial troubles.
8. Financial abuse: "A family member, friend or helper may be raiding your parent's financial assets, checkbook or credit cards. Your parent might not even be aware this is happening. If the elder is aware, he or she may not tell you for fear that you think they can no longer manage finances." Similar to elder abuse, financial abuse is a crime. And because most parents withhold the facts from their caregivers, the crooks continue stealing, without penalties or jail terms.
9. Elder abuse: "Elder abuse may be caused by family members, neighbors or even paid helpers. Each event is a criminal act, but the parent may be concerned that telling you may cause a major rift in family," says Ladew. Recent studies report that less than one-in-seven incidents of physical elder abuse are revealed to caregivers; therefore, the abusers walk free and clear.