Articles Tagged with Financial Abuse

A report from the Florida Bar Journal cites studies indicating elder financial abuse is a growing trend

The number of elderly Americans is growing like never before. Census projections indicate that Americans 65+ will make up more than one-fifth of the U.S. population within 30 years, but despite the increasing numbers of older Americans, as a group, their quality of life has not necessarily kept pace. Improvements in healthcare are keeping people alive for longer, but they can’t always prevent cognitive disorders like dementia, which currently affects 5 million sufferers in the U.S. American family values have also changed – and with the fall of the multigenerational household, many children of older Americans no longer feel as obligated to directly care for them.

That leaves millions of Americans at home and often alone. And for many financial fraudsters, 80+ individuals are prime targets. Elderly individuals, some of whom suffer from dementia, can sometimes be easily convinced to sign checks, turn over sensitive account information, and reveal personal details about savings, investments, and credit cards. With older Americans at risk, how can we protect them?