Financial Abuse

Research has shown as many as one out of 10 seniors 60 or older who live independently have experienced some form of abuse according to a survey of 5,777 seniors (2010 National Elder Mistreatment Study). The Stanford Center on Longevity's 2017 financial fraud study found while seniors are more likely to experience financial abuse then younger people, they are also more likely to fail to report it. In fact, the Weil Cornell Medical Center found that in New York for every case of elder financial abuse reported, 24 went unreported (May, 2011).

Reasons for seniors to fail to report abuse range from shame, to fear that they will be determined no longer able to remain independent, to concern about get a family member or care provider in trouble. Another study* at Weill Cornell of 4,156 adults aged 60 or more found that of those committing financial abuser:

60% are family members
17% are friends and neighbors
15% are home-care aides
*J. Peterson et al. Journal of General Internal Medicine, Vol. 29, No. 12, 2014).
Information in this section comes from sources including A Handyman Charms an Older Woman in the APA Monitor on Psychology (September , 2017), pages 50-53.

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