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Consumer Financial Protection Bureau aims to cut back on financial elder abuse

Last week marked Elder Abuse Awareness Day on June 15 and with that came a look into elder abuse cases in America. Recent studies have shown that elder abuse cases have increased and in particular, financial elder abuse cases.

The head of the Consumer Financial Protection Bureau has recently stated that “The amount of money stolen from seniors has risen sharply in recent years.” It is known that financial elderly abuse always occurs, but during a recession or slow economy, they are much more common because scammers tend to see elderly as easy targets.

Officials from the Center for Retirement Research at Boston College have stated that people “between ages 71 and 79, one-fifth of individuals are impaired but that rises to half of those between ages 80 and 89.”