Elders can be taken advantage of or abused in a variety of ways, including physically, emotionally, sexually, and financially. Financial elder abuse is a crime, and it is on the rise. In 2009, MetLife Mature Market Institute released a report, Broken Trust: Elders, Family and Finances, stating that up to one million older Americans may be targeted yearly.
Unfortunately, elderly people are often particularly dependent on other people for their care, which puts them in a vulnerable position. They can be taken advantage of by people they trust, such as family members, by other caregivers, or by staff at nursing homes.
Financial abuse is one of the most underreported crimes due to the victim's embarrassment, fear of loss of independence, intimidation by the perpetrator and widespread lack of awareness that it is a crime. Victims of elder abuse, neglect and financial exploitation are 3.1 times more likely to die at an earlier age than are those not victimized. Victims rarely recover financially and losses often lead to depression, increased physical problems, reliance on public benefits and even death. Increased funding and partnership is urgently needed to fight this growing problem.
Topics in this session will include:
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