Financial abuse towards elders is still an under‐reported and misunderstood problem – which will most probably become worse the US’ aging population – according to the 2014 Safeguarding Our Seniors study from Allianz Life Insurance. As the population of the United States ages and life expectancy increases, more cases of elder financial abuse might be on the horizon.
The study of more than 2,000 Americans – both potential victims (ages 65+) and other adults (ages 40‐ 64) – found that misconceptions persist about the most likely sources of abuse, and the financial impact on victims, though under‐reported, is often significant. Allianz Life leveraged the study’s insights to create educational materials for financial professionals and helped build a new community outreach program staffed by Allianz Life employee volunteers.
Although past studies have explored elder financial abuse, it’s crucial to get a current picture to help determine how the financial services industry can best address this difficult yet preventable problem,” said Allianz Life President and CEO Walter White. “As America’s population gets older, the number of seniors with age‐related cognitive impairments is expected to grow. Greater awareness about the frequency of elder financial abuse will foster more discussion about ways to keep our seniors safe from financial exploitation.”
About Allianz Life Insurance Company of North America
Allianz Life Insurance Company of North America, one of FORTUNE’s 100 Best Companies to Work For in 2014, has been keeping its promises since 1896. Today, it carries on that tradition, helping Americans achieve their retirement income and protection goals with a variety of annuities and life insurance products. As a leading provider of fixed index annuities, Allianz Life is part of Allianz SE, a global leader in the financial services industry with 148,000 employees worldwide. More than 83 million private and corporate customers rely on Allianz knowledge, global reach, and capital strength to help them make the most of financial opportunities.