By Karen Shakira Kali
Elder financial exploitation, the most common form of
elder abuse, broadly refers to the illegal use of an older person’s
money, property, or other financial resource for personal benefit,
profit, or gain. The perpetrator can be a known, trusted person such as a
caregiver, or they may be a stranger or imposter. Elder abuse affects
at least 10% of older adults each year in the United States.
While
financial exploitation can occur in any community, gaps in data exist
in understanding the impact on older adults within certain communities
that historically have been discriminated against. Without this data,
addressing financial exploitation in all communities will continue to be
a challenge.
Financial exploitation in the U.S. is a growing problem
Financial exploitation continues to grow. AARP research
places annual losses for older adults over 60 at a conservative $28.3
billion, of which $20.3 billion is a result of known perpetrators (e.g.
family, friends, or caregivers). According to the Financial Crimes
Enforcement Network’s (FinCEN) most recent analysis
of reported suspicious activity, perpetrators of financial exploitation
stole or attempted to steal more than $27 billion from older adults age
60+ in the 12-month period ending in June 2023. FinCEN’s new annual
projection is higher than the entire six-year period from 2013-2019 when
FinCEN estimated the total risk of losses or actual losses to be $21.8 billion.
Underreporting
is likely, making understanding the full scope of the problem
difficult. Many instances of elder abuse, which includes financial
exploitation, go unreported each year. Perhaps the most prevalently
cited study attempting to estimate the impact suggests that one in 23.5 cases go unreported annually.
There
are many reasons cases go unreported. Older adults may fear retaliation
or losing their independence, or they may have a close attachment to
the perpetrator (e.g., a trusted caregiver, such as a family member).
Some may struggle with the steps required to report the crime.
Additionally, for some in communities with a history of discrimination,
fear or distrust of authority, including law enforcement, and fear of
further discrimination contribute to a possible unwillingness to come
forward.
Data on diverse populations is needed
Beyond
the general limitations in reporting, even less is known about the
impact of financial exploitation among older adults of various diverse
populations. There is a marked lack of research quantifying findings by
racial and ethnic group and even fewer research initiatives targeting LGBTQ+ populations, populations with limited English proficiency, and low-income populations.
Filling
some of the data gaps on financial exploitation are population-based
surveys on the issue – yet very few current studies include race, ethnic
identities, or other identities. This limited amount of available
research suggests the need for more. One issue is that research on racial differences
and scam victimization tends to be inconsistent. Some studies find
Black older adults are more likely to experience financial exploitation
than older white adults, yet similar studies have yet to corroborate
this finding. When researchers
in 2010 found that African Americans in Pennsylvania were as much as
five times more at risk for financial exploitation, they called for a
larger national study. But despite the apparent disparity, little
research has been conducted since.
Interventions and prevention strategies depend on better data
Data
drives solutions. The lack of information on diverse populations and
financial exploitation is a barrier to addressing the issue across all
communities. A greater focus on race, ethnicity, LGBTQ+ identity, and
other demographic data, particularly in population-based surveys, would
not only provide a clearer understanding of financial exploitation but
also encourage policymakers and others to tailor prevention and
intervention strategies beyond a one-size-fits-all approach to
combatting financial exploitation.
Full Article & Source:
More Data is Needed to Better Address the Financial Exploitation of Older Adults
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