Report Reveals Unfortunate Status Of Financial Abuse For People Over 60
Some things are just shameful, and abusing or financially exploiting older adults is one of them.
Americans over 60 lose $28.3 billion yearly from financial exploitation, according to a study by AARP and the National Opinion Research Center at the University of Chicago.
Shocking statistics showed that people close to victims, such as family members, friends, and caregivers, steal around three-quarters of that amount, FINURAH reported. Also, just because the elderly victim knows who is exploiting them does not mean they will report it. According to the study, victims are less likely to report financial exploitation by someone they know. Around 88% of cases went unreported because the victim knew the person, according to FINURAH. Saving face for themselves and their family, friends, or caregiver might cause victims to remain quiet about financial exploitation. FINURAH reported shame might be the most significant reason elderly victims don’t report exploitation in instances where they know the person.
BLACK ENTERPRISE reported John Amos, famous for his role in Good Times, was recently said to be a victim of “financial exploitation” and “elder abuse.” Amos’ daughter, Shannon Amos, posted on Instagram on June 8, 2023, saying the 83-year-old actor was in the ICU and his home had been stripped bare. When Amos publicly refuted Shannon’s claims, she responded, “I understand that this is embarrassing and upsetting, and probably not what he would have wanted me to do, but it is in his best interest.”
Later, BLACK ENTERPRISE reported Amos revealed in a video that he believed he was the victim of elderly abuse by his daughter, Shannon. The video was posted by Amos’ son, K.C. Amos. Amos called his daughter a “primary suspect.” He added, “I don’t know if that’s the right term to use or not. But she’s the one that I would attribute my elderly abuse to. It’s definitely a case of elderly abuse.”
According to FINURAH and figures published by the AARP Public Policy Institute, financial exploitation is more than twice what it was in March 2020.
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