How to Protect Elderly Parents from Financial Abuse

Summary

Louis van der Merwe, a founding member of WealthUp, explains how economic abuse of elderly parents can happen and how families can prevent it. Economic abuse involves misusing or controlling an older person's money without their agreement, which can lead to serious financial and emotional problems. Van der Merwe highlights that this issue often goes unnoticed because it happens within families where trust should exist. He advises families to communicate openly about money matters, keep clear records, and involve legal or financial experts when managing elderly relatives' finances. By being aware of the signs and taking early action, families can protect their elderly loved ones from financial harm and ensure they live with dignity and security.