Elder Financial Abuse Costing Victims Almost $3 Billion, Reports MetLife Mature Market Institute Study

Our Washington DC nursing home abuse and neglect lawyers regularly publish blog posts on the problem of physical and emotional abuse suffered by elderly persons at assisted living facilities and under the watch of private caregivers. Now, here is one about the problem of elder financial abuse, which, according to a study put out by MetLife Mature Market Institute (along with the Center for Gerontology at Virginia Tech and the National Committee for the Prevention of Elder Abuse), is costing $3 billion in losses each year.

Elderly persons often rely on their savings to support themselves and take care of their medical and nursing needs. Unfortunately, there are those who may take advantage of these older senior’s advanced age and possibly fragile mental and physical conditions to take their money from them. Possible perpetrators of DC elder financial abuse can include caregivers, family, friends, neighbors, and scam artists pitching financial products.

The study says that:
• Women are two times more likely to become victims of elder financial abuse.
• Most victims live alone and are in their 80’s.

• The holidays are when victims are most vulnerable.

This crime is seriously under-reported. Many victims are ashamed that they’ve allowed elder financial abuse to occur and they also may be afraid that they could lose their independence if the crime is revealed.

When elderly persons are bilked of their finances, this can make it hard for them to take care of themselves and get the nursing and medical care that they need. It can also lead to depression and the deterioration of one’s health.

Actor Mickey Rooney Granted Court Protection From Stepkids, Good Morning America, February 17, 2011
Elder financial abuse reaches “epidemic” proportion, Reuters, June 3, 2011

Related Web Resources:

MetLife Mature Market Institute

Center for Gerontology at Virginia Tech

More Blog Posts:

Nursing Home Aide Receives Prison Sentence for Sexual Abuse, Maryland Nursing Home Lawyer Blog, May 31, 2011
French Family Plans Lawsuit in Quadrangle ‘Nanny Cam’ Nursing Home Abuse Case, Maryland Nursing Home Lawyer Blog, May 26, 2011
Washington DC Nursing Home Neglect Can Cause Bedsores, Washington DC Injury Lawyer Blog, January 31, 2011

Our Washington DC elder abuse and neglect lawyers represent victims and their families.

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