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Financial Impacts of Elder Abuse

According to the new survey, the most common types of financial loss reported: funds disappearing from accounts (reported by 33%); unauthorized purchase of products or services (reported by 23%).

Are you or anyone you know a victim of elder abuse? With the occurrence of elder abuse largely underreported, there is likely someone you know that could be impacted.

A recent article in USA TODAY, titled "Retirement: Financial abuse costs victims avg. $30,000",reports that 19% of people ages 40 to 64 say they have an older family member or friend who has been the victim of elder financial abuse. This is according to a survey of 2,248 U.S. adults ages 40 and older conducted for Allianz Life. Elder financial abuse is defined as when someone takes advantage of an older person. This can include using their money improperly or without their consent or taking it for personal gain.

The original article estimates that about 52% of elder financial abuse victims report that they were taken advantage of by a family member, a friend, or their caregiver, with 22% saying it was a stranger. Others say it was the work of companies, churches, salesmen and other individuals.

Can you believe that the average amount lost is about $30,000, with 12% report missing over $100,000? Financial abuse can lead to shame and embarrassment on the part of the victims- a reason they tend not to report it, and there is a natural reluctance to report a family member or friend, along with a disbelief that it is happening.

Speak with a qualified elder law attorney to get more information about elder abuse and the answers and care you need.

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