Elder Financial Abuse Is a Plague on America’s House: AIG
October 2, 2019 by Michael S. Fischer
Elder financial abuse is a widespread problem in the U.S., and with more and more Americans reaching retirement age, opportunities for both scammers and family and friends to take advantage of them abound.
Consider that 53% of respondents in a new survey said elder financial abuse was likely to undermine their ability to live a long, financially secure life. Sixty-five percent said the same thing about a close relative or friend.
Also consider that 47% of survey respondents 65 or older reported that they manage their finances entirely on their own.
This means that many seniors are vulnerable to financial abuse, whether by strangers or financial exploitation carried out by family or friends, according AIG Life & Retirement, which commissioned the study.