Facts

For older adults financial abuse is a grave and growing concern. Not only are incidents of financial elder abuse on the rise, but certain aspects of modern life, such as electronic banking and identity theft, have made it easier than ever for thieves to steal the assets and livelihood of individuals who no longer have the earning power they once did.

Financial abuse is in some ways a hidden crime—one that no one likes to talk about because it often involves a family member, caregiver or trusted friend. Yet this kind of abuse can be as serious, and as life-threatening, as actual physical abuse to older adults whose health and emotional welfare is dependent upon their financial resources.

Financial elder abuse is not only underestimated, it is under reported. The state of California reports more than 225,000 cases of elder abuse each year. Financial elder abuse underlies many other forms of elder abuse, including physical abuse and neglect, where money is the motivating factor. The State Attorney General’s Office estimates that as few as one in 14 cases of elder abuse is reported, despite the fact that it is estimated one out of every 20 people over the age of 65 is a victim of some form of elder abuse.