Elder Financial Abuse
The senior population in the U.S. is expected to double between now and 2030, when one in four individuals will be older than 65. In New York state alone, the population of those younger than 60 will only grow by 3 percent, while the 60-and-older population will grow by 40 percent.
This rapidly aging population has led to an alarming increase in elder exploitation and financial abuse. The Office of Older Americans estimates that seniors lose $2.9 billion annually to financial exploitation. And for each case that is reported, an estimated 43 others go unrecognized. Other estimates report that as many as 5 million seniors may be victimized by financial exploitation each year.
In an effort to help credit unions stem the tide of elder financial abuse, the Credit Union Association of New York has compiled the following resources to assist with the detection and reporting processes.
- NCUA: Interagency Guidance
- CFPB Guides on Managing Someone Else's Money
New York Credit Union Best Practices Guide on Detecting and Reporting Elder Financial Abuse (Published by the Credit Union Association of New York and the National Federation of Community Development Credit Unions)
- Administration on Aging's National Center on Aging Abuse
- National Council on Aging
- National Federation of Community Development Credit Unions' Better Directions program
- New York State Office for the Aging