New Study from Allianz on Financial Exploitation of Seniors
With an average loss to victims of about $30,000, elder financial abuse is a significant threat facing today’s seniors. Yet, according to the Safeguarding Our Seniors, a new study from Allianz Life Insurance Company of North America, only 8 percent of those 65+ who indicated they were a victim of elder financial abuse said they are currently discussing their finances with another person and less than a quarter (24 percent) indicated they are keeping in touch with others on a regular basis as a way to protect themselves from future abuse. Despite a reluctance to turn to others for help, the study of more than 2,000 Americans — elders and other family/friends (ages 40-64) — found that elders who regularly talk to a third-party resource about their finances feel they are better equipped to identify and prevent elder financial abuse. Read more about this study.
Source: Insurance News Net
Access the full study.
David Wingate is an elder law attorney practicing in Frederick and Montgomery Counties, Maryland. The practice consists of wills, powers of attorneys, trusts, asset protection and Medicaid.