A report published just this month by the Securities and Exchange Commission (SEC) captures how at least 6.6 percent of Americans aged 65 or over have lost money after having been defrauded or exploited. Given that an estimated 10,000 new people turn 65 on a daily basis, the SEC contends that the number of seniors that will likely face elder financial abuse is expected to rise.
What makes an elderly person more open to financial abuse?
Those who commit financial abuse pick their targets carefully. They look for certain signs that show them that it will be easier to get what they want.
California responds to the increased risk of financial abuse
California's fine weather and social protections make it a destination for more and more people. Senior citizens are flocking to the Golden State in unprecedented numbers to live their golden years in comfort and safety. Regrettably, some challenges remain for these Californians.
