Unfortunately, there are several different types of abuse that elders endure on a daily basis here in the United States. Financial abuse is a growing problem for seniors and adults with disabilities.
While financial abuse may not seem as damaging to elders as physical abuse, it still harms them considerably.
You may be surprised by some of the ways that elders are abused financially. Keep reading to learn more about financial elder abuse.
There are a relatively high number of people who may be able to gain access to and/or control an elderly person’s finances. Sadly, statistics show that the following are the most frequent perpetrators of financial elder abuse:
- Family members
- Friends and acquaintances
- Bank employees
- Doctors or nurses
According to the National Adult Protective Services Association (NAPSA), in the past decade, there’s been significant growth in the number and intricacy of reports that detail financial elder abuse. In addition, elder financial abuse is not just widespread, it’s also very expensive and can even be fatal.
With respect to financial elder exploitation, the following is true:
- At least 1 of 9 seniors have reported abuse, neglect, or exploitation in the last year.
- At least 1 of 20 older adults report a form of perceived financial abuse in the recent past.
- Only 1 of 44 cases of elder financial abuse are believed to be reported.
- Seniors who endure abuse are 3x more likely to die and 4x more likely to end up in a nursing home.
- Abusers are persons in positions of trust at least 90% of the time.
- Nearly 1 of 10 elders who endure financial abuse turn to Medicaid directly due to the fact that their own money was stolen from them.
- Elders are more susceptible to financial abuse if they are cognitively impaired or require help with daily activities.
Watch Out for Scams
Elders are highly susceptible to scams by strangers and professionals. There are seemingly endless ways that elders are scammed into giving people their hard-earned money who don’t deserve it.
The golden rule here is that if it seems too good to be true, it probably is. Don’t allow your elderly loved one to be tricked into participating in a financial exploitation scam.
Our attorneys here at Obenshain Law Group are highly skilled in the area of elder abuse law and have helped many other people in situations just like yours achieve the justice they deserved. Let us see if we can help you, too. Don’t delay—contact us with your case right away.