Financial abuse occurs when an individual in a position of power extracts funds or other resources to a degree where it negatively impacts the abused person’s financial stability. It can also occur when an older adult is coerced by a loved one to provide funds by exerting fear or shame.
Financial abuse is the most common form of adult abuse in seniors, older adults, and vulnerable adults.
Financial abuse often takes place simultaneously with other forms of abuse, like psychological abuse, and is frequently committed by someone the abused person knows, like a friend, family member or caregiver. Having a network of support is key both to preventing and identifying financial abuse. (Source: Government of Canada)
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