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World Elder Abuse Awareness Day sheds light on financial elder abuse

World Elder Abuse Awareness Day took place on June 15 this year and the main focus was to find new ways to help prevent financial abuse from taking place against elderly people.

According to the Consumer Financial Protection Bureau, the number of financial elder abuse cases have increased due to the current economic recession. Although financial scams have always occurred, in tough economic times this number increases tremendously because scammers target elderly because they tend to make less stable financial decisions.

According to the Chicago Tribune, two studies done in recent years have shown that this is true. A 2011 study in MetLife found that one-fifth of Americans over the age of 70 are impaired in making these decisions and one-half of Americans over the age of 80 are impaired in financial decisions that are beneficial for them.

Nursing home abuse affects those who may not be able to stand up for themselves. If your loved one has been a victim of this, contact the Kankakee elder abuse lawyers of Spiros Law, P.C., by calling (815) 929-9292 today.