Compassion and Caution: Supporting Elderly Members with Their Financial Needs
At Prospera Credit Union, we pride ourselves on offering personal guidance to help you prosper, and that commitment is especially important when serving our elderly members. As people age, they often need additional support managing their finances, and unfortunately, they also become more vulnerable to financial exploitation. Continue reading to learn our top tips for our Prospera team and caregivers of those in our community to quickly recognize red flags and provide compassionate, knowledgeable assistance.
Why Older Adults Are at Greater Risk
Older adults are often targeted for financial scams because they may:
- Be socially isolated or experiencing cognitive decline
- Have accumulated assets or savings
- Be more trusting of others or unfamiliar with digital tools
Recognizing these vulnerabilities helps us approach each interaction with extra care.
Best Practices for Serving Elderly Members
1. Take Your Time
Elderly members may need more time to explain their needs or understand the options available. Avoid rushing, and use clear, simple language without jargon.
2. Watch for Red Flags of Exploitation
Be alert to unusual account activity, sudden large withdrawals, or behavior that suggests confusion or fear. Other signs might include:
- A new “friend” or caregiver making financial decisions
- Uncharacteristic spending or wire transfers
- The member seeming anxious or intimidated when discussing money
If something feels off, it’s okay to gently ask questions—and even more important to report concerns through internal channels.
3. Protect Privacy, Even From Relatives
Just because someone identifies as a caregiver or family member doesn’t mean they’re authorized to access the member’s account. Always verify proper documentation like a power of attorney or court order before sharing information.
4. Encourage Financial Safeguards
When appropriate, talk to members and caregivers about tools like:
- Joint accounts with limited access
- Spending alerts and transaction limits
- Trusted contact forms (when available)
These tools can empower seniors while providing a safety net.
How Caregivers Can Help
If you're caring for an elderly loved one, here are a few ways you can help protect their finances:
- Regularly review their accounts for unusual activity
- Encourage open discussions about money
- Help them stay informed about common scams (like phishing, IRS impostors, or “grandparent” scams)
- Be cautious when introducing paid caregivers or new acquaintances into their lives
What to Do if You Suspect Exploitation
For staff: Follow your internal protocols immediately. Reporting quickly can prevent significant losses and help protect the member’s wellbeing.
For caregivers: Contact the credit union, Adult Protective Services, or local law enforcement. It’s better to speak up early than to wait.
At Prospera, We’re Here to Help
Whether you're a team member or a family caregiver, know that we’re committed to safeguarding our members’ financial futures with compassion and care. If you ever have questions or concerns, don’t hesitate to reach out—we’re here to help you prosper.