A new survey conducted by a Washington-based nonprofit organization has revealed that many professionals are concerned about the growing extent of financial elder abuse in the nation. The Investor Protection Trust surveyed 762 professionals who routinely work either directly with the elderly or with financial services. Surveyed workers include financial planners, state securities regulators, social workers, and others.
The survey revealed that 70% of these workers believe that financial exploitation and abuse is a serious problem amongst the elderly population. About 58% of those surveyed also state that they deal with financial exploitation of the elderly either somewhat often or quite often.
The survey supports previous findings that show financial elder abuse is becoming increasingly more common. About 20% of Americans age 65 and older have reported that they have been victimized by a financial scam, bad investment advice, or have paid unreasonable fees for financial services.
Children of elderly parents are also very concerned about the increase in financial elder abuse. About 40% of adult children, who have parents age 65 or older, state that they are at least somewhat or very concerned that their parents will be less able to manage their own finances as they age.
Among people aged 65 and older, about 71% of them manage their own finances, while another 24% obtain at least some help from family members. Only about 3% of elderly people use professional financial management services, according to survey data.
Michael Robinson, Estate Planning Attorney
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