Our society is being affected by the maltreatment of senior’s emotional and physical wellbeing, as well as the financial abuse of senior citizens in our communities. According to the Metlife Study of Elder Financial Abuse, “over a three month period from April through January 2010, the National Center on Elder Abuse media reports revealed approximately $530,476,743 in losses from all forms of elder financial abuse (Metlife, June 2011).”
The Metlife Study goes on to indicate that, “Medicare and Medicaid fraud resulted in the highest average losses to victims, $38,263,136, within the category followed by fraud by business and industry $6,219,496; family, friends and neighbors $145,768; and fraud by strangers in the amount of $95,156 (Metlife, June 2011).”
Statistics of elder financial abuse indicate that victims vary between men and women, but according to the Metlife study, there was a predominant amount of women who were victims of elder abuse. In a study conducted in 2010, “out of 244 elderly victims, 161 were women (Metlife, 2011).” Additional useful statistics are the age of the victims; according to the metlife study the, “highest numbers of victims were in the 80 to 89 range, the study included 68 elders: 26 men and 42 women (Metlife, June 2011).”
For further information regarding elder financial abuse and more please contact Yanez & Associates. Call 714-971-8000 for your free consultation!