Elder financial abuse remains an under-reported and misunderstood issue – one likely to get worse as America’s Baby Boomer population ages. This abuse often involves the unauthorized or improper use of resources of an elder family member or friend for monetary or personal benefit, profit, or gain. Allianz Life Insurance Company of North America (Allianz) is committed to taking a leadership role in educating financial professionals, the community, and employees about how to help prevent abuse, and to being a part of the solution.

To help determine how the financial services industry can best address this difficult yet preventable problem, Allianz commissioned the 2014 Safeguarding Our Seniors study. The study of more than 2,000 Americans – both potential victims (ages 65+) and their friends/family (ages 40-64) – found that misconceptions persist about the most likely sources of abuse, and the financial impact on victims, though under-reported, is often significant. Allianz leveraged the study’s insights to create educational materials for financial professionals and helped to build a new community outreach program staffed by Allianz employees.

Elder financial abuse hits close to home

Educating financial professionals

Supported by the findings from the Safeguarding Our Seniors study, Allianz is making the following programs and materials available to educate financial professionals and the community about elder financial abuse.

  • Preventing Elder Financial Abuse education course – This course helps financial professionals understand the scope of the problem and provides simple steps they can take to help protect their clients. Available to financial professionals who work with Allianz, the Preventing Elder Financial Abuse course is one of many topics with support materials that Allianz offers to more than 20,000 financial professionals every year.
  • Preventing Elder Financial Abuse tip sheet – This tip sheet from the Better Business Bureau contains red flags to watch for and tips for prevention.
  • Resources for Seniors brochure – This brochure was created by the Better Business Bureau and contains tips to help seniors identify scams and resources to help prevent fraud.
  • NCEA Adult Protective Services State Resources – From the U.S. Department of Health & Human Services comes this National Center on Elder Abuse (NCEA) state-by-state directory of resources for reporting suspected abuse or neglect.

Partnering with the Better Business Bureau

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To raise awareness of elder financial abuse, Allianz has partnered with the Better Business Bureau and created the Safeguarding Our Seniors volunteer program. This unique program, open to Allianz employees and community members, sends volunteers to community and senior organizations to educate and encourage discussion on the topic.

To learn more about the volunteer program, please visit the BBB Institute for Marketplace Ethics.

Is the security of your financial information just an illusion?

Our video explains who may be more vulnerable, and offers some tips everyone can use.

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