A new poll examining financial exploitation of American seniors finds that 79 percent of experts surveyed identified theft or diversion of funds by family members as the most common form of financial abuse.
The poll asked state securities regulators, financial planners, health care professionals, social workers, adult protective services workers, law enforcement officials, elder law attorneys, and academics about their experiences with elder abuse. 77 percent of individuals surveyed thought that seniors are very vulnerable to financial abuse, and most cited financial abuse by family members as the most common form of financial abuse. Most respondents indicated that older veterans face the same deception risks as other seniors, but affinity fraud and VA Aid and Attendance fraud were also cited as important problems to address.
About 70 percent of those surveyed reported financial counseling and education programs administered by local professionals, such as caregivers, adult protective services workers, and law enforcement agencies as the most useful tool for helping seniors effectively manage their finances. Programs delivered through senior centers and other senior care organizations and programs delivered by senior oriented national and local organizations were also considered positively by respondents.
Learn more about the financial exploitation survey conducted by the Investor Protection Trust (IPT) and Investor Protection Institute (IPI) in response to questions posed by the Consumer Financial Protection Bureau (CFPB).
Elder Abuse, Hearings, Medication Management, Memory Care Best Practices and Research, Memory Care Education
A top lawmaker on the Senate Special Committee on Aging has launched an examination of products, regulations and retailers in the dietary supplement i...
Communities and advocates for older adults from around the globe participated in World Elder Abuse Awareness Day June 15 to increase awareness of the ...
Elder Abuse, Federal Agency Activity
Many people misunderstand reverse mortgages after viewing advertisements about them, the Consumer Financial Protection Bureau found after conducting a...
Assisted living communities, residents and their loved ones can learn from a new bulletin on financial planning for the future, especially for older a...
National Center on Elder Abuse is hosting a webinar “World Elder Abuse Awareness Day: Toward a Global Framework on its 10th Anniversary.
ALFA recently submitted a statement for the record related to a hearing on financial exploitation of seniors before a U.S. Senate committee, outlining...
The Administration for Community Living is seeking to strengthen the Long-Term Care Ombudsman Programs with a new rule due to prior “significant incon...
Two departments of the Administration on Community Living are working on a project to build a national training, technical assistance, and resource ce...
Declining cognition is associated with a significant decline in financial literacy, according to a new study from the Center for Retirement Research.
It’s now open season for people seeking to switch health coverage plans and that means watch out for scams, says the Federal Trade Commission. The ...