Allianz Life Study Finds Third-Party Resources Underutilized in Identifying and Preventing Elder Financial Abuse

By a News Reporter-Staff News Editor at Insurance Weekly News -- With an average loss to victims of about $30,000,i elder financial abuse* is a significant threat facing today's seniors. Yet, according to the Safeguarding Our Seniors* * study from Allianz Life Insurance Company of North America (Allianz Life ®), only 8% of elders (ages 65+) who indicated they were a victim of elder financial abuse said they are currently discussing their finances with another person and less than a quarter (24%) indicated they are keeping in touch with others on a regular basis as a way to protect themselves from future abuse.

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 Walter White. "Seniors and their caregivers need more education about how third-party resources can add an important perspective and help protect them from becoming victims of elder financial abuse."

Keywords for this news article include: Financial Companies, Life Insurance Companies, Allianz Life Insurance Company of North America.

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