Elder Financial Abuse Costs Victims Over $2.6 Billion a Year, Says Report
Up to one million elderly people in the United States are the victims of financial abuse each year, and this crime may be costing them over $2.6 billion annually. The figures are included in a new Metlife Mature Market Institute (MMI) report called Broken Trust: Elders, Family, and Finances that was produced with the cooperation of the National Committee for the Prevention of Elder Abuse and the Virginia Polytechnic Institute and State University.
The report says that for every reported case of financial elder abuse, there are likely four more cases that are not reported. In more than half the cases, the perpetrators are caregivers and family members. Investment fraud scams are also a common culprit of elder financial abuse.
Among the facts included in the study:
• A typical victim elder financial fraud victim is 70 to 89 years of age, Caucasian, female, physically frail, and cognitively impaired.
• In financial elder abuse cases involving child culprits, sons are 2.5 times as likely as daughter to commit this crime.
• A victim of financial elder abuse may become depressed, experience health issues, develop credit problems, and experience loss of his or her independence.
Signs a person may be a victim of elder financial abuse include:
• Appears afraid of his or her caregiver
• Disheveled appearance
• Isolated from family and friends
• Has developed new “best” friends
• Is worried about finances
• Missing belongings
• Behavior or personality changes
• Unpaid bills
• Significant decrease in account balances
Elder financial abuse has also become a problem for nursing home residents who may find themselves suddenly exploited by nursing workers. Just as your loved one is likely entitled to personal injury compensation if he or she was the victim of nursing home abuse or neglect, damages may also be sought against a nursing home worker or caregiver who is the perpetrator of elder financial abuse.
Financial Abuse Costs Elders More Than $2.6 Billion Annually, According to MetLife Mature Market Institute Study, Though Four in Five Cases Are Not Reported, BusinessWire.com, March 17, 2009
Related Web Resources:
MetLife
National Committee for Prevention of Elder Abuse
Elder Abuse, HelpGuide.org
Contact Chicago Elder Financial Abuse Attorney Steve Malman for your free case evaluation.
