According to a 2011 Government Accountability Office (GAO) study, approximately 14.1 percent of adults age 60 and older in the United States have experienced some kind of physical, psychological or sexual abuse; potential neglect; or financial exploitation in the past year. Cognitive decline is a key factor that makes the aging population susceptible to elder financial exploitation, according to the Elder Financial Exploitation 2018 report by the U.S. Securities and Exchange Commission’s Office of the Investor Advocate.
a Human Touch
The Perfect Balance
Elder financial abuse is a growing problem, leaving destroyed relationships and economic destruction in its wake. From straightforward theft to slow development through complex relationships, the tremendous loss of wealth incurred by senior citizens results in premature deaths and intergenerational loss of wealth. It ultimately rips at the fabric of society as a whole as trust among family members and faith in financial institutions are destroyed.
Elder abuse is a worldwide, and often silent, issue affecting the older population in various forms, including financial, physical, psychological and sexual abuse, and neglect. According to the World Health Organization (WHO), 15.7 percent of people 60 years and older experience abuse, while only 4 percent of these instances are reported. The aging population is increasing rapidly in countries across the globe, and only 40 percent of countries have a national plan in place to address elder abuse.