Elder financial exploitation has been a top concern for credit unions for many years, as credit unions were built upon the philosophy of protecting their members’ finances. On June 25, Ohio’s credit unions join the state in recognizing and opposing elder abuse, neglect, and financial exploitation.
The U.S. Census Bureau predicts that the number of Americans over 65-years-old will nearly double by 2050, growing from 43.1 million in the most recent census to 83.7 million. That creates new victims for those hoping to abuse or defraud the elderly.
Current studies suggest that 10% of seniors may suffer some form of abuse, neglect, or financial exploitation, according to a U.S. Department of Justice press release. Other studies show older adults may suffer billions in losses because of financial fraud. Credit unions make knowing their members a priority; thus, connections made at the teller-line put credit union in the position to know when something seems “off” or the older member seems worried or confused.