Wednesday, June 23, 2010

Language Abuse

Ever lost money on an "inappropriate investment"? Ever been hit with "unreasonably high fees for financial services"? Welcome to the club. Did you know you were a victim of financial abuse? Senior abuse, if you're a pre-Boomer.

The survey on which Michelle Singletary hung her recent column determined that one in five seniors were the victim of financial abuse because 20 percent answered "Yes" to
Have you or your spouse ever been taken advantage of financially in terms of an inappropriate investment, unreasonably high fees for financial services, or outright fraud?
The majority who didn't say "Yes" must have been ashamed to admit being "taken advantage of."

If I'd bothered to read the survey, I would not have bothered to call attention to Singletary's column. Jim Gust was right on in suggesting we take it with a good helping of salt.

Language abuse such as this is unfortunate because it trivializes a limited but real danger. Some seniors will suffer serious financial harm because they are no longer able to look out for themselves. And as Lawrence A. Frolik, professor of law at Pitt, points out in Watching The Watchman, designating an attorney-in-fact doesn't necessarily solve the problem.

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