Elder Financial Fraud is on the Rise Nationwide, Says a New York State Study
New statistics show that elder financial exploitation is getting more common
One of the fastest-growing segments of the U.S. population is baby boomers, with about 10,000 of them turning 65 every day. Unfortunately, the elderly are also some of the most vulnerable members of society, especially where their finances are concerned.
According to a recent study from the state of New York, every year around five million older Americans are financially exploited. Another study – this one from MetLife – found that the annual losses suffered by seniors from elder financial exploitation total almost $3 billion. Perhaps most troubling of all is that elder financial fraud is often not reported.