Financial Abuse Is on the Rise -- and Seniors Are More at Risk Than Ever
Fraud is a concern for people of all ages, but it's especially hazardous to older adults. In fact, American seniors lose over $36 billion each year as a result of financial abuse, according to a 2015 study by True Link Financial.
You might assume that only a small minority of elderly Americans are taken by fraudsters, but Allianz Life recently found that roughly 37% of seniors are victims of financial abuse -- a figure that has nearly doubled since 2014. Although seniors suffering from dementia or other forms of mental decline are easier targets, they only account for 45% of the victims.
Among the people who have been affected by financial abuse, the average loss was about $36,000. For many of these victims, though, losing money is just one of many consequences of financial abuse. In the Allianz survey, caretakers reported that the seniors they cared for expressed anger, depression, guilt, and anxiety after they realized they were victims of fraud, and many of them become more isolated after the incident.
Source: Fool.com
