Pilot Program At Baylor College Of Medicine Focuses On Elder Financial Abuse
A pilot program at Baylor College of Medicine is aimed at assisting doctors and social workers in identifying vulnerable senior citizens or those that have already been taken advantage of. The program is set to launch in 23 states and Puerto Rico. A survey by Investor Protection Trust has documented that 7.3 million older Americans, or one out of five people over the age of 65, have been victimized by financial exploitation. With baby boomers and the progressive aging of America, the problem is only going to get worse.
Educators in the program train health care providers and social workers on how to spot red flags during their care and assistance of older patients. If a patient shows poor financial judgment by changing their wills or talks about their investments, they can be referred for testing or counseling and, if fraud is suspected, state regulators can be alerted.
According to the U.S. Census Bureau, people over the age of 65 will represent 20% of the total population by 2030. Studies have shown that people over the age of 71, who have experienced some cognitive impairment were more likely to make financial errors than those without the condition. These neurobiological changes have an influence on the elderly that makes them more willing to take risks than they were previously. This makes this group easy prey for the unscrupulous brokers, firms and financial advisors who are ready to offer free lunches or other enticements to take the money of unsuspecting elders.
If you or your loved ones have been victims of elder financial exploitation, please contact our securities law firm for a confidential, no obligation consultation at 1-800-259-9010.