(10) Favorite Victims Of Financial Fraud
It is one of the most critical secrets retirees will never tell you. Elderly people often suffer from high rates of dementia & poor overall health. It makes them as one of the most favorite victims of financial fraud.
According to a study published by Metlife, financial abuse is found to cost older Americans at least $2.9 billion every year.
Most of the victims of financial fraud are between the age group of 80 & 89, live alone, & are dependent on others for the purpose of personal care or health care.
The chances of women to become a victim of elder financial abuse are nearly twice as likely as men. These financial frauds are often committed by family members, friends, & neighbors.
Some of the common frauds against people of age 60 & above include telemarketing scams (17%), fake sweepstakes, gifts, & prizes (8%) & government impostor scams (8%).
These financial abuses also results in increasing the rates of depression among older people.
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