Caregivers Vulnerable to the Costs of Elder Financial Abuse

By Michael S. Fischer ThinkAdvisor
March 22, 2017

New York, NY - Those providing care for past victims are spending significantly more than those caring for elders with no history of financial abuse, which in turn is negatively impacting the caregivers’ ability to save for their own retirements.The emotional and monetary consequences of elder financial abuse take a toll on caregivers as well as seniors directly victimized, Allianz Life said Monday in releasing findings of a new study.

A vast majority of both active and prospective caregivers reported that they had incurred costs when their elder was financially abused, an average of $36,000, according to the study.

The new research expanded on a 2016 Allianz Life study of elder financial abuse. It involved a poll conducted in August with 1,000 respondents age 18 to 64 who were either actively providing care for a nonspousal elder 65 or older, or could be in a position to do so within the next five years.

The findings showed that the average caregiver spent some $7,000 a year and provided more than 10 hours per week doing chores for elder dependents, with many receiving no financial assistance for that support.

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