When Wells Fargo Advisors held a conference to discuss elder financial abuse, it seemed at times like nearly every one of the 200 people in attendance was personally acquainted with a family member or friend who has been victimized. But perhaps thats not surprising, given the scope of the crime and the rate at which its growing.
Already a significant social issue, losses related to financial abuse and fraud committed against older Americans have increased 12% in just four years* and continue to rise as our population ages, expanding the pool of potential victims. Sadly, some 75% of documented elder financial abuse is committed by trusted family members and caregivers, rather than by strangers*. Often that betrayal, coupled with the financial loss, has a devastating impact from which victims find it difficult, if not impossible, to recover.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access