The disturbing size of elder financial abuse in America

June 28, 2023 by Tobias Salinger

As financial advisors, wealth management firms and law enforcement agencies struggle to prevent elder financial exploitation, a new AARP study showed the size of the problem.

Victims aged 60 or older lose $28.3 billion each year to elder financial exploitation schemes, with 72% of the damages inflicted by people who know them. The same percentage goes unreported to authorities or the industry, according to the study, authored by Jilenne Gunther, the national director of AARP’s BankSafe Initiative, and released earlier this month in a collaboration with NORC at the University of Chicago.

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Originally Posted at Financial Planning on June 28, 2023 by Tobias Salinger.