Elder Financial Abuse Is Costing Americans

According to a recent study, financial abuse and exploitation of American seniors is costing them 20% more than it did two years ago—from $30,000 to $36,000. In fact, 37% of active caregivers said that the elder they are caring for experienced financial abuse or exploitation with a loss. Additionally, caregivers for elders with cognitive decline reported witnessing a higher level of financial abuse. Consequently, this abuse has caused elders anger, depression, anxiety, and/or guilt.

See Christopher Robbins, Costs of Senior Financial Abuse on the Rise in U.S., Financial Advisor, November 14, 2016.

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.