Elder abuse can impact as many as one in ten aging adults. Abuse isn’t just physical. Financial abuse is a devastating form of elder abuse, that leaves its victims with long-term consequences, including:
- A loss of independence later in life
- Loneliness, depression, and anxiety
- Decreased physical wellness
- Financial devastation
Discover 5 statistics you need to know about this pervasive form of abuse and how it affects seniors.
5 Vital Statistics to Know About Financial Elder Abuse
#1: Financial Elder Abuse is a Growing Concern
Financial abuse is a very real, and growing problem. The World Health Organization (WHO) estimates that 6.8% of aging adults in a community setting and 13.8% of aging adults in an institutional setting (such as a long-term care facility) are victims of financial abuse.
Elder financial abuse, or financial exploitation, is the illegal or improper use of someone else’s money, assets, or property. It includes scams from strangers, predatory products or services marketed to the elderly, and even abuse from trusted individuals like family members, friends, or caregivers.
#2: The Financial Toll Can be Incredibly Steep
Victims of elder financial abuse, or elder financial exploitation, lose $28.3 billion annually, according to a report by AARP.
The average loss to an older adult who suffers financial exploitation is $34,200, according to the Consumer Financial Protection Bureau.
However, 7% of suspicious activity reports reported losses exceeding $100,000.
#3: Losses Are Greater When the Senior Knows Their Abuser
The Consumer Financial Protection Bureau found that the amount of money lost is greater when the senior knows the person exploiting them.
$17,000: average loss when the perpetrator is a stranger.
$50,000: average loss when the perpetrator is known to the victim.
#4: Family Members are the Most Frequent Perpetrators
$28.3 Billion is stolen via elder financial exploitation (EFE) every year. And the abuser is most likely to be known to the victim: a family member, friend, or caregiver. Approximately 72% of elder financial crime is perpetrated by someone the victim knows.
$20.3 Billion stolen by someone the victim knows
$8 Billion stolen by strangers
When a victim of elder financial exploitation knows their abuser, they are less likely to report the incident. According to a 2020 study, victims reported only 12.5% of EFE cases perpetrated by family, friends, and caregivers. Comparatively, 67% of cases reported by victims were perpetrated by strangers.
#5: Abusers Often Suffer from Their Own Financial Woes
According to the National Center on Elder Abuse, 30% of perpetrators of financial abuse often have financial problems of their own. By comparison, less than 1% of interpersonal perpetrators had financial problems.
Know the Signs of Financial Abuse
Financial elder abuse is devastating. Fortunately, there are ways to recognize and report it to better help victims. Signs of financial abuse include fraudulent signatures on bills, unusual or sudden changes in spending, sudden changes to financial documents such as a will, etc. If you are a mandated reporter of elder abuse, it’s crucial that you know how this troubling issue impacts seniors in order to make a report.
This post was originally published in 2021 and was updated in 2025 with the latest research and findings about elder financial abuse.
