September 15, 2009
SF Fountain of Youth Examiner
By Ted Fuller
Elder financial abuse costs older Americans more than $2.6 billion per year and is most often perpetrated by family members and caregivers, according to a new report released by the MetLife Mature Market Institute (MMI) entitled, "Broken Trust: Elders, Family and Finances," which is accompanied by tip sheets for older adults and families on how to prevent such issues.
The report, produced in conjunction with the National Committee for the Prevention of Elder Abuse (NCPEA) and Virginia Polytechnic Institute and State University, states up to one million older Americans may be targeted yearly and that related costs like healthcare, social services, investigations, legal fees, prosecution, lost income and assets reach tens of millions of dollars annually. The study indicates that for each case of abuse reported, there are an estimated four or more that go unreported. The economic downturn may increase vulnerability. Family members and caregivers are the culprits in 55% of cases, although financial losses are higher with investment fraud scams.
Abridged
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