The recently released research in the True Link Report on Elder Financial Abuse 2015 clearly shows what a rampant issue this form of elder abuse has become.
This report reveals that older people lose twelve times more a year than the previously suspected $2.6 billion dollars … a whopping $36.48 billion dollars per year is lost by those victims of elder financial abuse.
This infographic shows not only how much larger the elder financial abuse problem is, but also what tactics are being used to target older people, why they are at risk and some ideas for protecting yourself.
I’ve included the infographic in this post, but please visit the True Link Financial website and read the report. The information is very easily read and can help us all take care of ourselves or our loved ones.
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Elder financial abuse findings
Some of the information provided in the research includes:
- An older person who lost as little as $20 in a year to elder financial abuse could be expected to lose $2,000 a year to other types of fraud.
- $6.67 billion is lost annually to deceit or theft enabled by a trusting relationship—typically a family member but sometimes a paid helper, friend, lawyer, accountant, or financial manager.
- It’s not just the old, frail or those that may not be “as sharp” as they used to be … Seniors who are younger, urban, and college-educated lose more money than those who are not.
- It is estimated that 954,000 seniors are currently skipping meals as a result of financial abuse.
Again, please visit their site to read the entire report. I’m thankful to True Link Financial for putting so much towards shedding much needed light on this problem.
Don’t forget to share this post with as many people as you can! Your message on Twitter, Facebook or in email could save an older person from elder financial abuse and maybe even financial ruin.
I read with interest the Elder Financial Abuse True link report. I work for a private in home Community Care company where we support the frail aged to remain independent and safe in their own homes. Last year I contacted the Telecommunications ombudsman because a couple of my clients with dementia had ended up with up to 5 contracts with phone company’s just from being cold called over the phone. They were paying monthly bills for phone services they did not need or use in one case to five different mobile phone service providers! The ombudsman said all they could do was advise them to go on the Do Not Call register. Well I am on the Do Not Call register and I still get cold calls from marketers. I asked one client with dementia why she said yes to so many contracts and she said she didn’t understand what they were asking so just said yes to everything. She said she was afraid that if people thought she didn’t know what they were talking about she would be put into a nursing home. Something has to be done to protect these vulnerable people.
Julie, that is so sad and a story I’ve heard many times. I wish there were a simple solution … I know we’d all choose that! That is one of the reasons awareness is such a big issue. Above advising older people to say no, encouraging their families to talk with them about the problem (and, being aware, so they keep an eye on things) I think is really important.
Thank you so much for taking the time to leave a comment. I know your example will help others.