About 5 percent of adults 60 and older living in New York State might have been victims of financial abuse, according to new research from Weill Cornell Medical College. Most of the exploitation is committed by family members or caregivers.
Among the abuses reported by older adults were having money stolen or their credit cards misused by someone they lived with or trusted. Another form of financial abuse cited by older adults was being coerced to sign papers that gave someone else rights to their personal property.
Researchers noted that because many of the victims were on fixed incomes or were poor, they ended up with little to live on.
The U.S. Administration on Aging offers tips to avoid financial exploitation at nwsdy.li/financialabuse.