Loading Please wait, logging in.
Join ALFA Member Login RSS Feed
Tagline Image
Bookmark and Share  

Survey Finds Theft By Family Members Most Common Form Of Financial Elder Abuse

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).

Suggested Articles:

3/17/2016
Ageism, cheatsheet, Elder Abuse, Facts and Figures, Health and Wellness, Reports
The National Center on Elder Abuse has released a brief focusing on information and research findings related to the mistreatment of African American ...
2/24/2016
Ageism, cheatsheet, Elder Abuse, Facts and Figures, Health and Wellness, Reports
In a review of multiple studies on financial abuse conducted in countries around the world, “it appears that financial abuse is either the most or sec...
2/3/2016
Elder Abuse, Managed Risk
The National Institutes of Health has launched a public health campaign on the link between hypertension and cognitive decline and dementia.
2/1/2016
Tools for prolonging and improving cognitive ability help many senior living residents stay sharp.
1/26/2016
Ageism, cheatsheet, Elder Abuse
The chairman of the Senate Special Committee on Aging has issued a statement reminding seniors and their families of persistent scams during tax seaso...
12/9/2015
The Financial Industry Regulatory Authority, which has a mission to protect the investing public against fraud and best practices, has just wrapped up...
12/9/2015
Elder Abuse, Hearings, Medication Management
The Senate Special Committee on Aging this week is holding a hearing on the sudden price spikes in off-patent drugs. Witnesses offering their perspect...
11/17/2015
Ageism, cheatsheet, Elder Abuse, Managed Risk
Busy physicians caring for older adults are likely to encounter a victim of some type of elder abuse on a frequent basis, regardless of whether the ph...
11/12/2015
Ageism, Elder Abuse, Medicare
It’s Medicare open enrollment season through December 7 allowing Medicare recipients to comparison shop and change plans, but it’s also a time when sc...
10/28/2015
Elder Abuse, Hearings, Medicaid
Criminal enterprises are a pervasive problem in fraud schemes involving home health, durable medical equipment, prescription drugs, transportation and...
   
09/18/2012


Additional Resources