Caregivers vulnerable to the costs of elder financial abuse
As a result of elder financial abuse, caregivers report $36,000 in average losses.
Caregivers Are Also Victims in Cases of Elder Financial Abuse
According to the 2016 Safeguarding Our Seniors Study, elder financial abuse has a profound financial impact not only on the affected elders, but also on the caregivers of those who are victimized. Nearly 90% of both active and potential caregivers said they experienced a financial impact when their elder was financially abused, with the average cost to those caregivers reaching a staggering $36,000. In addition, those providing care for past victims are spending significantly more than those caring for elders with no history of financial abuse, which in turn is negatively impacting the caregivers’ ability to save for their own retirements.
- Nearly 90% of both active and potential caregivers said they also experienced a financial impact when the elder they were caring for was financially abused
- The average financial loss to victims was $36,000
- $36,000 – average total financial loss to caregivers when elder financial abuse occurs
- $8,400/year spent providing care for past victims, 56% higher than cost of caring for elders with no history of financial abuse
- Nearly 80% of caregivers responsible for an elder financial abuse victim indicated concern about both their current finances and their retirement savings
Study methodology: The 2016 Safeguarding Our Seniors Study was conducted in August 2016 with 1,000 panel respondents age 18-64 who are either actively providing care for a nonspousal elder age 65+, or could be in a position to provide such care within the next five years.