Older adults are at an increased risk for financial exploitation due to health changes which occur during the natural aging process, as well as their steady income, accumulated wealth, and retirement savings over their lifespan.
“In response to Governor Wolf’s Executive Order on protecting vulnerable populations, the Pennsylvania Department of Aging has released a study on the impact of financial exploitation of older adults in Pennsylvania.
“The study reviewed financial exploitation cases in 14 Pennsylvania counties during the period July 1, 2017 through June 30, 2018 to examine the types of financial exploitation that occurred, the combined amount lost, and the financial impact of these losses on the victims, the economy and the commonwealth. The study also reviewed financial exploitation studies conducted by three other states, as well as academic literature published on the topic.”
Click here to download the complete report, including the Department of Aging’s recommendations for how the commonwealth can strengthen prevention efforts.