Financial elder abuse is more common than some may think. In fact, a study in 2021 by Cornell University suggests that at least 10% of adults are affected by financial elder abuse in New York alone. Diving deeper, a separate report from the Financial Crimes Enforcement Network pinpointed the amount of money lost due to elder abuse throughout the United States.
Combining totals from all states, losses due to financial elder abuse total more than $113 billion each year. The graph below showcases the estimated total amount lost from each state per year. Experts estimate, though, that one in about 23.5 cases goes unreported.
Concerned a Loved One May Be a Victim of Financial Elder Abuse?
Financial elder abuse is not always identifiable. If you have suspicions that a loved one may be a victim of financial elder abuse, you need to contact an experienced legal team right away.
The knowledgeable financial elder abuse attorneys at Weltz Law are ready to work with you and keep money where it belongs. Fill out our online form to get in touch with our team or contact us by phone. (877) 905-7671