Sunday, June 18, 2017
Yesterday marked the twelfth annual World Elder Abuse Awareness Day (WEAAD). Though public awareness of the day may be low, it is an internationally recognized event. Financial exploitation of the elderly is one of the most common forms of elder abuse. It has the potential to upend the financial stability of an older adult at a point in time when they are extremely vulnerable to personal pecuniary variations. By retirement age, a severe loss of in assets may be a difficult, if not impossible, event from which to recover. It is currently estimated that annual losses to elderly Americans range in the billions. Though much progress has been made over the past twelve years, there is a long way to go in the fight against elder financial exploitation.
See Stacy Canan, Preventing Financial Exploitation on World Elder Abuse Awareness Day, Consumer Protection Financial Bureau, June 15, 2017.
Special thanks to Lewis Saret (Attorney, Washington, D.C.) for bringing this article to my attention.