RISK FACTORS FOR FINANCIAL EXPLOITATION AMONG ELDERS IN AKOKO SOUTH WEST LOCAL GOVERNMENT AREA, ONDO STATE
Abstract
Financial exploitation of the elderly has become a growing social problem, particularly in developing countries where economic hardship, weak social protection systems, and family pressure increase the vulnerability of older adults. This study investigates the risk factors for financial exploitation among elders in Akoko South West Local Government Area, Ondo State. The research adopted a descriptive survey design, using structured questionnaires and interviews to gather data from elderly respondents and key informants. The findings reveal that factors such as declining cognitive ability, poor financial literacy, dependency on caregivers, lack of social support, family conflicts, and economic hardship significantly predispose elders to financial exploitation. The study also identifies cultural expectations, trust in family members, and inadequate legal protection as contributing risks. It concludes that multi-dimensional approaches—including community awareness, financial education for elders, stronger family support systems, and stricter enforcement of protective laws—are essential to reducing the vulnerability of older adults to financial exploitation.
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