June 15 marks Elder Abuse Awareness Day, a time when communities around the world come together to shed light on an issue that often goes unnoticed—elder abuse. This includes physical, emotional, and especially financial mistreatment of older adults.
At Schwab, we are deeply committed to raising awareness and helping families recognize the signs of elder abuse—especially financial exploitation, which can happen silently and swiftly. This may include unauthorized use of an elder’s funds, suspicious account changes, or pressure to update estate plans.
How You Can Help
1. Talk About Money
Start conversations with elderly loved ones about their financial situation and long-term planning. Open dialogue helps prevent isolation and keeps you informed.
2. Stay Informed
Learn to recognize red flags like sudden withdrawals, changes to financial documents, or unusual purchases.
3. Report Suspicions
If you suspect elder financial abuse, act quickly. Contact Adult Protective Services, law enforcement, or the senior’s financial institution.
How Seniors Can Protect Themselves
1. Stay Connected
Social interaction helps prevent isolation—a key risk factor for abuse. Stay engaged with family, friends, and community.
2. Plan Ahead
Get financial documents in order early. Set up durable powers of attorney and make clear plans for future financial care.
3. Review Finances Regularly
Keep an eye on accounts, and identify someone you trust to help manage finances if needed. Consider reading our Financial Caregiving 101 for more tips.
4. Add a Trusted Contact
Designate a trusted contact with your financial institution to help spot suspicious activity on your account. Learn more here.
5. Protect Personal Information
Never give out sensitive information—like Social Security numbers or account passwords—over the phone or via email.
We’re Here to Help
At Schwab, we offer tools and resources to protect seniors and their finances. Visit SchwabSafe® – Protecting Senior and Vulnerable Investors for more information.
If you’re concerned about the financial safety of a loved one, don’t wait—call us at 800-435-4000, available 24/7. International clients can reach us through toll-free numbers during weekday hours.
Together, we can help ensure our senior community members feel safe, supported, and protected—today and every day.