Elder Financial Abuse During the Holidays

Karen A. Roberto, director of the Center for Gerontology at Virginia Tech, conducted a study of elder financial abuse and exploitation. The study found that 31% of the 1,128 news articles on elder abuse published from November 2010 through January 2011 dealt with financial abuse—typically involving friends and family.

Roberto claims the study indicates that the elderly are more vulnerable to financial abuse during the holiday season, perhaps because of the high number of visitors, rampant gift giving, and numerous distractions. The study revealed that elderly Americans lose $2.9 billion annually to financial abuse—a 12% increase from 2008.

See Elder Abuse Acute During the Holidays, UPI.com, Dec. 17, 2011.

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this article to my attention.