Caregivers and loved ones are robbing elderly Americans of $20.3 billion annually, according to the AARP.
by the American Association of Retired People . Elder financial exploitation — “illegal or improper use of an older adult’s funds, property, or assets” — impacts the economy at large as well.
Researchers believe financial losses for senior citizens above the age of 60 could be higher, but many cases go unreported because victims may feel embarrassment or shame. In cases where the crook is known to them, the victim might want to protect their loved one or “may rely on the perpetrator for needed care and not want to jeopardize that care.” Senior citizens reported financial fraud committed by a loved one 12.5 percent of the time, and by a stranger 33 percent of the time.
Financial exploitation also negatively impacts a senior citizen’s mental and physical health, for “evidence links EFE to cardiovascular problems and possibly even earlier death.”doubled
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