The annual cost runs in the tens of billions of dollars. And an important subset of that abuse is financial, targeting people's retirement security and life savings. Last year, Consumer Reports recapped a recent survey of 2,600 financial planners, and the findings were astonishing: "56 percent said they knew older clients who had been subject to unfair, deceptive, or abusive practices. Among reported cases, the average loss estimate was $140,500."
In June, the Senate appropriated $10 million for a new "elder justice initiative" to better prevent, investigate and prosecute abuse, including financial abuse. Better legal definition and stricter enforcement could help, but until that happens the best defense is to inform yourself and your loved ones of potential threats, and what to do about them.
Here are some of the most common sources of financial vulnerability that senior citizens face.
--Over the phone, by mail and email
--Bad advisers
--Family abuse
Full Article and Source:
Financial Elder Abuse is a Thriving Industry
5 comments:
What about misuse of the law by lawyers and judges?
This is financial exploitation, too, Thelma.
And these lawyers and judges think they are immune from lawsuits.
They are very, very wrong.
During my 16 years in England, I spent three years (1995-98) caring for elderly people suffering from advanced dementia. Living with clients’ in their respective homes and working long hours to look after them, I found myself surprised by how few checks are in place to discourage and prevent carers from neglecting and abusing clients.
Specifically, both of my live-in assignments (one three months the other nine months) were characterized by infrequent visits and telephone calls from family, health professionals and from my own employment agency supervisor. All visits, meanwhile, were confirmed days in advance. And I was startled to discover also that my agency didn’t require me to undergo a police check before it placed me in my first assignment.
As such, I personally am unsurprised that elder abuse and neglect is increasingly in the news. Elderly people under care are much more vulnerable than most of us realize – especially when you consider how confused dementia leaves its victims, and how poorly paid care work tends to be. The stories we read are probably only the tip of the iceberg. Perhaps we ought to think twice before we outsource our elderly loved ones to people who don’t necessarily love them?
Raising awareness
I recently self-published The Carer, the first novel to tackle elder abuse. You can buy The Carer for USD0.99 from Amazon and all other major ebook retailers.
Scott Nelson
Halifax, Nova Scotia
That's why I believe the government is responsible for requiring and enforcing pre-hiring checks - police and financial.
To Anonymous:
The judges were not immune until they lobbied for immunity and your representatives gave it to them! There is no immunity in the Constitution. All it says is: Judges shall remain in office during good behavior. Is it good behavior to knowingly violate the law?
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