'Tis the season to be wary of elder finan... ( If this year's holiday period is any...)

'Tis the season to be wary of elder financial abuse

Date:12/14/2011

If this year's holiday period is anything like the last, seniors should be advised that, along with seasonal elevations of joy and good cheer, the risk of falling victim to elder financial abuse is also increasing. Older adults need to know the warning signals of financial abuse and exploitation, how to prevent it, and what to do if it does occur.

According to research conducted by Karen A. Roberto, director of the Center for Gerontology at Virginia Tech, of the 1,128 news articles on elder abuse published from November 2010 through January 2011, 31 percent dealt with abuse of a financial nature. Although slightly more than one-quarter of these events were identified as singular random acts incurring relatively minor financial losses, a high level of brutality and disregard for human life characterized these crimes. Even more disturbing is the revelation that family, friends, and neighbors were identified as perpetrators in 45 percent of these cases and the overall dollar losses at the hands of family and friends were higher than from any other category of perpetrators.

"Our findings support what service providers have long suspected, older adults are particularly vulnerable to financial abuse during the holidays," said Roberto, who also serves as a professor of human development in the College of Liberal Arts and Human Sciences. "This might be due to the increase in the frequency of visitors in- and-out of their homes, money flowing more freely, and distractions that take them out of their normal routines."

The research study, which also analyzed newsfeeds from April through June of 2010, determined that older Americans are losing $2.9 billion annually to elder financial abuse, a 12 percent increase from the $2.6 billion estimated in 2008. "A trend," said Roberto, "that perhaps is a reflection of the state of the economy."

Elderly women, especially those between the ages of 80 and 89, were found to be nearly twice as lik
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Contact: Jean Elliott
elliottj@vt.edu
540-231-5915
Virginia Tech
Source:Eurekalert

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'Tis the season to be wary of elder financial abuse

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