Financial elder abuse: media and seniors have different perceptions

Written by: Richard Caro. Posted: October 28, 2013. 



Financial abuse of seniors is on the rise. New companies are springing up to try and address the issue. But there may be some education required as it seems as though seniors and their families are not yet too worried about this issue.


Media says financial abuse is a big problem

The media has given a fair bit of attention recently to the topic of financial scams, fraud and abuse perpetrated on seniors.

Here is an example of a recent article on this topic. It sounds dreadful. The headline says "One out of every 20 older adults will be victim of financial exploitation."

And here is another article on preventing finanical abuse of elderly parents.


Interesting new companies springing up

For example:


Seniors and their families not worried

We recently ran a survey asking seniors and their families what they worried about most. We asked them about things like falling, or running out of money, or financial abuse (and other topics too). We will soon publish all the results.

For the question "How much do you worry about someone taking your money", on a scale of 1 ("not much") to 5 ("a lot"):

  • 85% of the "seniors" surveyed scored 1 or 2.
  • 67% of the "children of seniors" scored the same question a 1 or a 2.




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Key words: 
financial abuse, fraud

Last Updated: May 13, 2020.

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