Elder Financial Abuse Is Costly
By Stuart Kahan, CPA Wealth Provider
May 8, 2009
The report, Broken Trust: Elders, Family and Finances, was produced in conjunction with the National Committee for the Prevention of Elder Abuse and Virginia Polytechnic Institute and State University. It points out that up to one million older Americans may be targeted yearly and that related costs such as health care, 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. Family members and caregivers are the culprits in 55 percent of cases; financial losses are higher with investment fraud scams.
The National Adult Protective Services Association suggests that the “typical” victim of elder financial abuse is between the ages of 70 and 89, white, female, frail, and cognitively impaired. She is trusting of others and may be lonely or isolated, although reports show that there is a very diverse population of victims.
For a free copy of the study, including tip sheets for older adults and families on how to prevent such issues, call 203-221-6580, e-mail maturemarketinstitute@metlife.com, or download them from www.maturemarketinstitute.com.
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