Senior Financial Abuse: What Bankers Need to Know
Roy Niedermayer presented at First National Bank on Thursday, August 10, 2017 from 9-10am.
Elder financial abuse and exploitation has been called the “crime of the 21st century." In 2010, there were 57 million persons aged 60 or over; 40 million of them are aged 65 or over. By 2050, there will be 89 million and constitute 20% of the population. This age group controls more than 75% of American wealth. In 2010, older Americans lost at least $2.9 billion to financial exploitation.
At this seminar, the topics that were discussed were:
- What is elder financial abuse?
- Why is it a growing problem?
- Who is at risk?
- What are the causes of elder financial abuse?
- What are the warning signs?
- Who are the exploiters or abusers?
- What can be done about elder financial abuse?
- What are the duties of the financial institution?