Financial elder abuse: media and seniors have different perceptions
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."
Interesting new companies springing up
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.