Theft or diversion of funds by family members as the most common form of financial abuse.

A new poll examining financial exploitation of American seniors
finds that 79 percent of experts surveyed identified theft or diversion of
funds by family members as the most common form of financial abuse.

The poll asked state securities regulators, financial planners, health care
professionals, social workers, adult protective services workers, law
enforcement officials, elder law attorneys, and academics about their
experiences with elder abuse. Seventy-seven percent of individuals surveyed
thought that seniors are very vulnerable to financial abuse, and most cited
financial abuse by family members as the most common form of financial abuse.
Most respondents indicated that older veterans face the same deception risks as
other seniors, but affinity fraud and VA Aid and Attendance fraud were also
cited as important problems to address.

About 70 percent of those surveyed reported financial counseling and education
programs administered by local professionals, such as caregivers, adult
protective services workers, and law enforcement agencies as the most useful tool
for helping seniors effectively manage their finances. Programs delivered
through senior centers and other senior care organizations and programs
delivered by senior oriented national and local organizations were also
considered positively by respondents.

 

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