One study conducted at Boston College suggested that a person’s financial literacy test scores decline by 1 percent every year over the age of 60.⁶Another study found that although the capacity to make financial decisions may decline with age, an individual’s confidence to do so did not.⁷ This combination could lead many seniors to remain unaware of their financial vulnerability. It's one of the top resources I recommend, because they're excellent at what they do. How to Report Financial Elder Abuse. Each year, many seniors fall victim to elder financial abuse, which can take the form of credit card schemes, forged checks, bad investment scams and much more.That means that not only do they have to cope with sometimes mounting health problems, but the nation’s eldest citizens have to fight off scammers, too — and they shouldn’t have to do it alone.While many people think that elder abusers are typically health workers in nursing homes or senior facilities, the sad truth is that it is often committed by relatives and friends.To make matters worse, elder abuse is one of the most under-reported crimes in the United States, as many people feel too embarrassed to report that they have been swindled out of their property or, even worse, life savings.Clark says that he’s heard of some outrageous stories involving elders being exploited.“I’ve heard of one con man who began befriending an older woman when she simply asked him for directions,” Clark recommends some specific ways to help prevent elder abuse of your loved ones:You may be wondering if there are some tell-tale signs that may indicate that an elderly person you know is being taken advantage of.If you notice that your usually thrifty grandfather has sprung for a fancy gold watch all of a sudden, alarm bells should go off. {"smallUrl":"https:\/\/www.wikihow.com\/images\/thumb\/5\/57\/Report-Elder-Abuse-Step-11.jpg\/v4-460px-Report-Elder-Abuse-Step-11.jpg","bigUrl":"\/images\/thumb\/5\/57\/Report-Elder-Abuse-Step-11.jpg\/aid2017923-v4-728px-Report-Elder-Abuse-Step-11.jpg","smallWidth":460,"smallHeight":345,"bigWidth":"728","bigHeight":"546","licensing":"