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.
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.