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Elder Financial Exploitation Legislation

Broken Trust: Elder Financial Exploitation Legislation

By Heather Morton | Vol . 20, No. 45 / December 2012

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By 2030, some 72.1 million people age 65 and older will represent 19 percent of the U.S. population.

In a recent survey on investment fraud and financial exploitation of the elderly, the nonprofit
Investor Protection Trust found that 20 percent of the respondents age 65 or older reported they have been a victim of financial fraud. Half of them reported being asked for money or pressured to change their will. A recent study by the MetLife Mature Market Institute estimates the elderly lose at least $2.9 billion per year through financial fraud.

 

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