Financial Exploitation Explained
What is Financial Exploitation?
Financial Exploitation takes many forms
- The National Elder Abuse Incidence Study:
- "Illegal or improper use of an elder's funds, property, or assets."
- Alaska's New Statute:
- Robbery, extortion, theft, and
- "exploitation of another person or another person's resources for personal profit or advantage with no significant benefit accruing to the person who is exploited."
How much of this goes on?
A Widespread Problem:
- Estimated 5 million cases each year
- However, probably only 1 of every 25 cases reported
Why aren't more cases reported?
- Many Elders:
- Have disabilities which inhibit their ability to report abuse.
- Do not know they have been exploited or discover the exploitation after it has occurred and assume it is too late to seek help.
- Fear they will not be believed
- Associate a stigma with being labeled a victim.
- Are dependant on their perpetrator
- Fear retaliation from their perpetrator
- Fear the loss of their independence
Who are the perpetrators?
- According to the 1998 National Elder Abuse Incidence Study:
- 60.4% of perpetrators are the adult children of the victim.
- Approximately 45% of perpetrators were 40 or younger, 39.5% were between 41 and 59.