The U.S. senior adult population is expected to double between now and 2030, when one in four individuals will be older than 65. Sadly, these men and women are increasingly subject to elder exploitation and financial abuse. The Office of Older Americans estimates that senior adults lose $2.9 billion annually to financial exploitation, and other reports estimate that as many as 5 million senior adults may be victimized by financial exploitation each year.
To help credit unions lead the fight against this harmful trend, we've compiled the following resources.
- New York Credit Union Best Practices Guide: Detecting and Reporting Elder Financial Abuse (Published by the New York Credit Union Association and the National Federation of Community Development Credit Unions)
- NCUA: Videos, Reporting Elder Abuse and Exploitation
- NCUA: Videos, Scams Targeting Seniors
- NCUA: Interagency Guidance on Elder Abuse
- CFPB Guides on Managing Someone Else's Money
- Administration on Aging's National Center on Aging Abuse
- National Council on Aging
- National Federation of Community Development Credit Unions' Better Directions program
- New York State Office for the Aging