March 1-7 Is Annual National Consumer Protection Week
The Administration on Aging (AoA) joins in acknowledging National Consumer Protection Week (NCPW). This year’s theme, Nuts and Bolts: Tools for Today’s Economy, focuses on giving consumers the tools they need to make smart financial decisions in today’s marketplace. Information can help people get the most for their money, whether they are trying to stretch their paychecks, repair their credit history, or tell the difference between a real deal and a potentially fraudulent product or service.
Financial exploitation of the elderly, who are among the most vulnerable, is an ever-increasing industry. Most victims of abuse, neglect and exploitation are 80 years-of-age or older, and many also have cognitive impairments. The 85+ population is projected to increase to nine and-a-half million in 2030, and those with Alzheimer’s disease could grow to 16 million by 2050. These statistics demonstrate that the number of financial abuse cases could increase dramatically.
Financial exploitation covers a broad set of crimes and abuses. It can be a family member making unauthorized withdrawals from another person’s bank account, the misuse of a financial power of attorney, or over billing for simple everyday tasks. No one is excluded as a potential target. Financial exploitation affects people from all socioeconomic backgrounds. Because of its varied characteristics and manifestations, financial exploitation can deprive financially secure older adults of the ability to live independently or provide for their health and long-term care needs. In some cases, it could result in premature dependence on public programs such as Medicaid.
To learn more about outreach efforts to promote National Consumer Protection Week, please visit www.consumer.gov/ncpw/about.html
To learn more about the Administration on Aging’s partnership with the Women’s Institute for a Secure Retirement (WISER), please visit www.wiserwomen.org
To learn more about programs to prevent elder abuse, neglect, and financial exploitation, please visit the website of AoA’s National Center on Elder Abuse www.ncea.aoa.gov
| Last Modified: 3/3/2009 2:30:56 PM |
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