Financial abuse costs elders more than $2.6 billion annually

A recent MetLife Mature Market Institute study reported that elder financial abuse costs older Americans more than $2.6 billion per year. An especially disturbing result of the study found that the financial abuse is most often perpetrated by family members and caregivers of the elderly. The “typical” victim of elder financial abuse is between the ages of 70 and 89, white, female, frail, and cognitively impaired.

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