New Survey Reveals Why Seniors Lack Fear of Financial Abuse

Nursing Home Blog

A recent survey conducted by Allianz Life Insurance Company of North America revealed a few surprising things about seniors and their finances. One of the most surprising was the relative lack of concern that financial abuse could happen to them. In fact, some 89 percent expressed confidence that they could handle their money by themselves.

While nearly 18 percent of the family and friends of elderly people expressed worry that their loved ones would fall victim to this particular type of abuse, only 11 percent of the elderly were concerned about it – 82 percent stating that they had the necessary resources to protect themselves from fraud related to their finances.

Some would say this overconfidence places them in a position of greater vulnerability to scams and other types of financial abuse – especially at the hands of friends and family.

There is also a considerable amount of belief that this is why financial abuse is so rarely self-reported when it does occur. For some it’s a matter of pride. No one wants to admit that someone’s taken advantage of them. For others, it’s the fact that it was someone they love and trust who took advantage of them. There is pain in that – and they are still attempting to protect their family members. Some may even convince themselves that their abusers have some sort of legitimate claim over their money and others fear they will lose their independence by reporting the abuse.

There is also a correlation between financial abuse and physical abuse. Most people who are victims of financial abuse, whether from relatives or healthcare providers, are also victims of physical abuse by those same hands. All abuse needs to be reported to the authorities and punished to the fullest extent of the law – in criminal and in civil courts.

Finding the right elder abuse lawyers can help you get justice for your loved one. If you suspect that someone you know is a victim of elder abuse, contact an experienced elder abuse attorney with Law Garcia. Our lawyers possess the knowledge and compassion needed to help you navigate through this difficult time. Contact us today at 1(877)757-9824 for a free case review.