Summary
According to the National Adult Protective Services Association (NAPSA), only 1 in 44 cases of financial elder abuse is reported. Victims of financial exploitation are three times more likely to die and four times more likely to enter a nursing home without sufficient funds. Reporting suspected abuse is not just important, it’s critical to saving lives and preserving dignity. It’s a call to action that can’t be ignored.
The Trillion-Dollar Problem
Elder financial crimes account for an estimated 20% of $73 trillion in assets held by older Americans—approximately $14.6 trillion misappropriated or stolen. To put this in perspective:
- Average Baby Boomer family wealth: $2,000,000
- Estimated incidents: $14.6 trillion ÷ $2 million = 7.3 million cases
- Spread over 10 years, that’s 730,000 cases annually, or 2,000 new cases every day.
Real estate and lending professionals play a crucial role in combating this staggering prevalence of elder financial abuse. Their vigilance is not just necessary, it’s critical to saving lives and preserving dignity.
Why This Matters
In our society, where entitlement and unearned benefits often overshadow ethics, the ground for exploitation is fertile. When fiduciaries—those entrusted to protect assets—participate in these schemes, it’s not just unethical; it’s fraud.