Financial fraud against elders is an increasing problem in our
society. It is understandably a difficult topic for families to
address because it touches on issues including loss of
self-reliance and autonomy.
Financial exploitation of the elderly is unfortunately very
common—studies estimate that anywhere from one in six to one
in three adults over age 65 has been a victim of a financial crime.
As discussed further below, there are many reasons to believe it is
on the rise as people live longer lives and families are more
spread out.
A number of factors contribute to the likelihood of elder
financial abuse, including:
- Wealth. Those who have planned well enough to
retire generally have significant financial resources and can be
seen as targets. In addition, the general shift in society from
pensions to individually managed retirement plans and investments
leaves more funds directly under the management of retirees.
