How much money have Seniors lost due to financial abuse?

Seniors over age 70 lost an average of $41,800 due to elder financial abuse, according to the U.S. Consumer Financial Protection Bureau. Ed Gjertsen II, a financial advisor in Northfield, Illinois, knew something was fishy when an elderly and infirm client started cashing checks at a local bar.

How to get financial help for the mentally disabled?

Financial Help for the Mentally Disabled 1 Foundation and Federal Grants. Foundation grants are available for individuals who are mentally disabled. 2 Disability Funders Network. The Disability Funders network is an organization that seeks to promote individual equality and rights for the nation’s disabled community. 3 University. …

Is there way to report Elder financial abuse?

More than 3 in 10 have no idea how to report elder financial abuse, AIG found. Seniors over age 70 lost an average of $41,800 due to elder financial abuse, according to the U.S. Consumer Financial Protection Bureau.

How is financial abuse affecting people with disabilities?

Financial fraud is among the fastest growing types of abuse, and individuals with disabilities are particularly vulnerable. In most cases, it involves exploitation by someone known to the victim, but in plenty of scams strangers target individuals with disabilities and the elderly online, by phone and through other means.

Who are financial advisors for seniors with dementia?

Steve Starnes, MBA, CFP® is a Principal with Grand Wealth Management in Grand Rapids, Michigan. He is a passionate advocate for financial planning for seniors and those experiencing dementia.

Where to get free financial advice for seniors?

They often hold free financial seminars. They most likely have a lesser national knowledge, and more information regarding local assistance or programs. Tax Counseling for the Elderly (TCE) Program – The federal government offers a program that provides free year-round tax advice for seniors as well as tax return preparation.

What can a financial professional do for seniors?

A financial professional might find themselves as proxies for friends and family members who might not live close to the client. They might also be the first line of defense for seniors victimized by elder fraud from local businesses or over the Internet.

Can a child help an elder manage their money?

Conner’s father’s financial chaos is one increasingly shared by adult children across the country, especially during the COVID pandemic. Helping older family members manage their money can be awkward, but it’s often inevitable. “Financial elder fraud is a sophisticated on line endeavor and it can happen to anyone.