Pinnacle Trust has posted a new video on our website that raises awareness about the growing problem of elder financial abuse. Financial elder abuse has exploded in this country in recent years, affecting over 1 million victims and costing over $8 billion per year. This is partially explained by two demographic and economic realities:
We have a growing senior population. The fastest-growing segment of the total population is the oldest old—those 80 and over. Their growth rate is twice that of those 65 and over and almost 4-times that for the total population. In the United States, this group now represents 10% of the older population and will more than triple from 5.7 million in 2010 to over 19 million by 2050.
Economic uncertainty and pressure on the caregiving generation. The “sandwich generation,” those over age 45 who are providing some level of care to an aging relative while still working and caring for other family needs, is under enormous financial pressure to maintain a lifestyle that has been stymied by recession, excessive debt, and a housing bust that has shut off easy access to bloated residential equity.
The jump from these two realities to the abusive acts carried out by others – primarily the children or other relatives of the elderly victim – is a moral failure by individuals and by society in general. We should be doing all we can to protect and preserve the dignity and resources of this greatest generation.