A new study shows a scam can have serious financial consequences not only on a senior, but on their caregiver as well.
"A lot of times the caregiver has to contribute more money to make that person whole, so the average amount was $36,000," says Katie Libbe, vice president of consumer insights at Golden Valley-based Allianz Life, which sponsored the study.
Two-thirds of caregivers said the cost of providing care is having a significant effect on their finances and they worry about having enough money to retire.
While having a discussion about financial abuse, scams and caregiving can be challenging, it is important. Caregivers should have frequent, open conversations to know when something is amiss.
"If you are having daily conversations, you are going to uncover information about the strange person who came to their door or who found an error in their bank account," says Libbe. "You are going to have your radar up so you can eliminate the situation before it gets worse."
Another option to consider is involving a third party in financial management, whether a family member or financial professional, as a step toward building a system of checks and balances.
Allianz Life has also put together a Caregivers Readiness Guide
, which is a checklist for financial, medical, and general information for caregivers.
Shannon Slatton, firstname.lastname@example.org
on Twitter: @sslatton