Top 6 Causes of Elderly Poverty

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After working hard all of their lives, the last thing seniors deserve is to worry about finances. However, seniors are at greater risk for poverty because of living on fixed incomes. As a family caregiver, being aware of these six causes of elderly poverty allows you to implement measures that can keep your aging loved one safe. 

Financial Scams

Seniors sometimes start out in retirement with plenty of money but lose it all to nefarious criminals. Families should talk to their loved ones about common scams that target seniors, and they should also pay attention to online safety. If financial abuse is suspected, addressing it right away can save a senior’s bank account. 

You can also hire a professional caregiver who can keep an eye out for suspicious activity and scams. Families who find it difficult to care for their aging loved ones without assistance can benefit greatly from professional respite care. Richmond, VA, family caregivers who need a break from their caregiving duties can turn to Assisting Hands Home Care. Our respite caregivers can encourage your loved one to eat well, exercise regularly, get plenty of mental and social stimulation, and focus on other lifestyle factors that promote longevity.

Unaffordable Housing

It can be tempting to move into a senior community to prevent isolation, but these living arrangements are often quite expensive. If your loved one owns a home or lives with someone, check into more affordable options for companionship, such as professional caregivers who can keep your loved one company. 

Major Health Conditions

Healthcare bills can add up as a person advances in age. Seniors should focus on living healthy lifestyles that prevent long-term health problems, such as diabetes. It’s also important to prevent fall-related injuries that interfere with mobility. Seniors can call on others for help to avoid things like climbing ladders or standing on chairs to change light bulbs.

If your senior loved one has been diagnosed with a serious condition and needs help with tasks like meal prep, transportation, bathing, and grooming, reach out to Assisting Hands Home Care, a leading provider of home care service families can trust. We also offer comprehensive care for seniors with dementia, Alzheimer’s, and Parkinson’s.

Debt

It’s also common for debt to accumulate throughout someone’s life. Talk to your loved one about how much he or she is spending on repaying debts. Create a budget that prevents accumulating more debt. Seniors may also consider consolidating their debt with companies that offer lower interest rates. 

Loaning Money

To younger family members, it can seem seniors have all the money in the world. Make sure your loved one knows he or she can say no to friends and family who may come asking for a loan. The presence of a new friend combined with your loved one suddenly being unable to pay bills could be a sign of financial abuse. 

Loss of a Spouse

The loss of a spouse often brings changes in a senior’s income. Your loved one may no longer be receiving the same amount of social security benefits. Planning ahead for this situation allows seniors to implement measures that can prevent them from falling into poverty. 

Finances aren’t the only concern for seniors. Injuries, health conditions, and even isolation can significantly impact quality of life for older adults. Seniors can face a variety of age-related challenges. Though some families choose to take on the caregiving duties, there may come a time when they need a trusted Richmond senior care provider. Families sometimes need respite from their duties so they can focus on their other responsibilities, and some seniors need around-the-clock assistance that their families are not able to provide. Assisting Hands Home Care Richmond is here to help. Reach out to one of our compassionate Care Managers today at (804) 600-0002.

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