Financial Exploitation Costs U.S Older Adults $28.3 Billion Per Year

Older Americans lose $28.3 billion annually to elder financial exploitation, according to data compiled and reported by AARP. However, many older adults may not report the incidents if it involves someone they know: just 12.5% of older adults victimized by family or caregivers report them. In contrast, 67% of victims of stranger-perpetrated incidents report those incidents. A total of 72% of these losses ($20.3 billion annually) stem from friends, family, or caregivers. Just $7.8 billion (38.4%) of these losses are reported.

To combat elder financial exploitation (EFE), AARP makes two recommendations:

Provide federal funding . . .