World Elder Abuse Awareness Day took place on June 15 and shed light on the increased risk of financial abuse that occurs against elderly people.
The Consumer Financial Protection Bureau is increasing their protection in order to help elderly from becoming the target of a financial scam. Although this type of financial elderly abuse always occurs, when the economy is down, the chance of it occurring increases.
A study done by MetLife in 2011 showed that Americans over the age of 60 lost nearly $2.9 million in just 2010 alone. The Center of Retirement Research showed that nearly one-fifth of Americans between 71 and 79 are “impaired” at making decisions and when the age reaches over 80, the number increases to half.