Seniors Often Fall Victim to Financial Abuse - East Idaho News
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Seniors Often Fall Victim to Financial Abuse

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getty 101714 seniormoneysavings?  SQUARESPACE CACHEVERSION=1413543387870iStock/Thinkstock(NEW YORK) — The elderly are vulnerable to what’s being termed as “financial abuse,” that is, having their well-earned nest eggs pilfered by unscrupulous con men or even worse, relatives.

A new survey by the insurance firm Allianz Life says that although five percent of Americans 65 and up claim to have been victims of this crime, close to 20 percent of people between the ages 40 and 64 say they have a family member or know somebody whose savings have been ripped off.

In any event, of those who say they were victims of financial abuse in the survey, just over half allege they were taken by a relative, friend or caregiver and 20 percent blame a stranger for their monetary loss, which on average is about $30,000.

As huge a loss as that is, 12 percent of elderly financial abuse victims says they’ve had more than $100,000 stolen from them.

The two biggest thefts are funds missing from accounts or unauthorized purchase of goods or services.

Walter White, president and CEO of Allianz Life, says financial abuse is usually under-reported because of the shame older people feel about it happening to them.


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