In a recent poll, a majority of financial experts, medical professionals and social workers agreed that financial abuse and investment fraud aimed at the elderly is a worsening problem in the U.S. The survey was conducted by Investor Protection Trust, a nonprofit group dedicated to educating consumers on investment decisions.
Among the nearly 800 polled online in early June were state securities regulators, financial planners, medical professionals, caregivers/social workers as well as law enforcement officials and legal experts. Eighty-four percent said that financial swindles targeting seniors is getting worse today.
Further, 99 percent said that older Americans are either "very vulnerable" (75 percent) or "somewhat vulnerable" (24 percent) to investment scams. Most cited a senior's weakening mental capacity as well as either mild cognitive impairment or Alzheimer's disease as the factors making the elderly particularly susceptible to an investment fraud.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
