(St. Louis, MO, Thursday, June 13, 2019) – Eighty one percent of older Americans say they are confident they will not fall victim to elder financial abuse and their adult children are nearly just as confident with 75% agreeing. And yet, despite this perception, a whopping 46% of older Americans say they know someone who has already fallen victim. To bring attention to this important issue, World Elder Abuse Awareness Day 2019 is being held on Saturday, June 15, 2019.
From home improvement offers to computer virus protection, from a long-distance companion to helping a “grandchild” out of legal situations – scammers play on any and every emotion to weasel dollars out of the hands of seniors – making the “couldn’t happen to me” attitude a dangerous situation for the fastest growing population in the United States.
Unfortunately, the majority of elder financial abuse is committed by friends, family or trusted persons of the senior, with an estimated 67 to 90 percent of elder financial abuse being categorized as such.
Prevention begins with a conversation. Sit down and talk to a trusted individual about planning for aging – be it financial threats, cognitive decline, or how you plan to spend your money during retirement.
Elder financial abuse spans a broad spectrum of predatory behavior, such as forging checks, misusing power of attorney, exploiting loneliness, or scamming/deceiving someone by using scare tactics or exaggerated claims to get money. For more information, visit wellsfargo.com/privacy-security/fraud.