Allianz Life Study Finds Third-Party Resources Underutilized in Identifying and Preventing Elder Financial Abuse
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Despite a reluctance to turn to others for help, the study of more than 2,000 Americans - elders (ages 65+) and other family/friends (ages 40-64) - found that elders who regularly talk to a third-party resource about their finances feel they are better equipped to identify and prevent elder financial abuse.
When asked if they feel they have the resources to protect themselves from elder financial abuse, 84% of elders who regularly talk with friends/family about their finances and 82% who speak with hired professionals (financial professionals, lawyers and/or accountants) said they are confident they do versus only 70% of elders who don't connect with any third-party resources. Similarly, when asked what actions they would take to protect themselves from elder financial abuse, 83% of elders who talk about their finances with a hired professional and 70% of those who speak with friends/family said they would turn to these trusted others on a regular basis as a method of protecting themselves from future abuse.
"An objective third party is very valuable to detect, prevent, or mitigate elder financial abuse," said Allianz Life President and CEO
Keywords for this news article include: Financial Companies, Life Insurance Companies, Allianz Life Insurance Company of
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