36.9% of seniors are scammed over a five year period
As Baby Boomers continue to retire and advance in age, increasing numbers of seniors are at risk of falling victim to schemes aimed at separating them from their money.
The risks are substantial. A 2014 survey by True Link Financial claims that 36.9% of seniors lose money to scams, financial exploitation, and abuse over any given five-year period. And while hard to quantify, a 2016 update to Allianz’s Safeguarding Our Seniors study estimated the average loss to victims at $36,000—considered a “major financial loss” or “financial ruin” by nearly half of caregiver respondents. Those respondents also reported that 40% of seniors in their care experienced financial exploitation more than once, up from 20% in its 2014 study. Lamentably, such losses often aren’t reported when discovered and they’re rarely recovered.
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