See what things you might have at home that could deliver you cost savings later on.
Author: Vic Minchin
As our population ages, there will be a significant rise in the incidence of Cognitive Decline and Dementia, illnesses that pose a significant threat to older Australians who may be exposed to financial abuse.
Studies in the US, published by the Women's Institute for a Secure Retirement, state that the abuse of older Americans is a multi billion dollar industry. I suspect there may be a similar pattern emerging here in Australia.
In June 2012 there were 3.2 million individuals aged 65 years and older - that's 14% of Australia's population. Between 1992 and 2012, the "over 65's" were the only segment of the population to have experienced growth. The Austrlian Bureau of Statistics (ABS) population projections suggest that by 2042, there will be almost 1.3 million people over the age of 85, representing 4% of Australia's total population (Based on medium-level growth assumptions - ABS, Dec 2012).
In a study done by MetLife Mature Market Institue, it was found that the majority of the wealth in the United States is held by older citizens who are at risk of scams by con artists, strangers, casual acquaintances or even a son, daughter or other family member.
The following factors contribute to the prevelance of Senior Financial Abuse:
- A high percentage of seniors live alone and may become vulnerable to scams
- Seniors may be very trusting, believing the "pitches" they hear and may have trouble spotting a fraud
- Seniors have a relatively high net worth
- The population of seniors is increasing, providing a continuous source of wealth for financial abusers
Who are the victims
- Most are between the ages of 80 and 89
- Women are twice as likely as men to be victimised
- Most live alone
- Most require some level of help with either health or home care
It is important that as we and our parents get older, we seek the guidance and advice from our trusted family members, accountants, legal and financial advisers who will work in the best interest of the older person.
My next blog will be on how Cognitive Decline impairs financial and health literacy among community based older persons without dementia
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