Did you know that financial exploitation of seniors has become so rampant that it’s being referred to as “the crime of the twenty-first century?” According to a recent study by the National Adult Protective Services Association, approximately one in nine seniors has reported being abused, neglected or exploited within the past year, while one in twenty seniors described experiencing some form of financial mistreatment.
And the senior market is continuing to “boom.” According to a report from the Administration on Aging, the senior demographic – age 65 and older – makes up around 15% of the total U.S. population. By 2030, this number is expected to increase to nearly 21%, and by 2060 the senior demographic is expected to increase again to an estimated 24% of the population with more than 98 million individuals. Insurance agents now, more than ever, play a critical role in protecting this growing segment from financial exploitation.
Explore more about this devastating problem, as well as ways to prevent it, in order to protect and advise your senior clients.