Securities Arbitration Lawyers BlogElder Financial Fraud Has an Impact on the Financial Well-Being of Caregivers
A new study from Allianz Life Insurance Company of North America offers tips on how to protect yourself and your loved ones against financial abuse
Elder financial abuse affects not only the elderly victims, but those who care them as well. According to a recent study by Allianz Life Insurance Company of North America, the average financial loss of elderly victims was $36,000; and this financial impact often resulted in “financial ruin.” What’s more, the financial impact on active and potential caregivers equaled an average cost of $36,000 as well, given the necessity to compensate for a loved one’s loss. Elder financial fraud clearly has a far-reaching impact beyond its senior victims.