1 in 5 Elder Americans Victims of Financial Swindling
As parents age, children and family members are often quick to pick up on areas of weakness. Mother needs a little help getting to the store. Father could use some help with the lawn. Both parents need help with everyday tasks that they once handled easily enough. Sadly, predators and con artists also know that the elderly are easy marks. Telemarketers have been preying on seniors for years. Easily confused, lonely, and wanting friendship, some senior citizens can be taken advantage of.
A recent study by the Investor Protection Trust and the National Adult Protective Services Association reveals that a shocking one in five senior citizens will be victims of financial fraud. The study showed that:
- One out of three seniors are currently being pitched by people calling or mailing them and asking for money.
- Almost half of people over 65 got at least two questions wrong when asked questions about basic financial planning and investment.
- Only 5% of aging adults’ medical providers have voiced concern about their ability to understand billing issues, while 20% of those same providers have expressed concerns about their cognitive abilities.
- When asked, 33% of seniors admit that they feel at risk for being taken advantage of financially.
Read more at Traditions Senior Living
AlzCare provides quality care and treatment for Alzheimer’s patients in Texas. Our main office is in New Braunfels, close to San Antonio. We also have offices in San Marcos, Victoria, Temple, and Waco.
