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It’s the same old story.
Senior citizens have long been victims of financial schemes, and elder financial abuse from both clever crooks and greedy family members. Now a new study says it’s getting worse. Here are the depressing details, followed by some positive steps you can take to keep this from happening to you or a loved one.
When the Allianz life insurance company first polled families in 2014, 30 percent had “reported knowing an elder who experienced financial abuse.” This year, it jumped to 37 percent.
If you’re wondering what that abuse looks like, it sadly takes many forms…
Not only is this abuse happening more often, it’s costing the elderly more money. Allianz estimates the “average financial loss to victims” at $36,000. That’s $7,200 more than in 2014, the last time the company studied the issue.
That’s not the end of the bad news, either.
“Only one in 44 cases of financial abuse is ever reported,” says the National Adult Protective Services Association. Yet “1 in 20 older adults indicating some form of perceived financial mistreatment occurring in the recent past.”
Like almost everything in life, prevention is easier and cheaper than cures. If you have an older relative or friend, the best thing you can do is check up on them. Here are some simple warning signs that could point to bigger problems to come…
If you suspect something unseemly is happening, check out the U.S. Department of Justice’s special Elder Justice Initiative. The website can even help you report elder abuse.
If we all work together, we can change this same old story.
Published by Debt.com, LLC Mobile users may also access the AMP Version: Dvorkin On Debt: "Elder Financial Abuse" Is Real – And Growing - AMP.