Loneliest Seniors Vulnerable to Fraud
“Lost my husband to 9/11 terror attack” – using heartbreaking stories like these, a U.K. scam that became public last month persuaded some lonely older men to turn their money over to widows.
This report is a dramatic illustration of a relationship between loneliness and fraud that has been uncovered in recent research. That study found that people over 50 have been vulnerable to being victimized by fraud in recent years – but the prevalence of fraud was three times higher among people who are extremely depressed or lonely.
The 2013 study in the journal Clinical Gerontologist might be the first to examine financial exploitation from the point of view of psychological vulnerability. It was based on a general survey of older Americans that asks each participant if they’ve “been the victim of financial fraud in the past five years.”
The psychological survey questions pin down whether they suffer from depressive symptoms and whether their social needs are fulfilled. The social needs questions address loneliness and a lack of social affirmation, asking the survey’s respondents whether they “have people to turn to, people to talk to, people to feel close to” and are “part of a group” and “appreciated.”
The study found a link between low scores on answers to these questions and the prevalence of fraud among the broad older population. But the strongest findings were among people with the highest levels of depression and the lowest social needs fulfillment. They were significantly more likely to have been defrauded – 14 percent of them, compared with 4 percent of the overall older population.
The results are a reminder that “psychological vulnerability can affect older adults’ lives in a variety of domains,” the research concluded.
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Preaching to the choir. As our parents age, so does their mental capacity. My father lost his marbles due to the meds he was taking. This gave our cousin a foot hold, to squeeze my sister and I out as the caretakers, and her in. In less than a year, both of them passed away due to neglect.My mom's side of the family praises my cousin & feels she was owed the $400K+ of my parents assets. Even though she lied to my mother & her lawyer on my mother's death bed to circumvent the will and get my parent's assets.When the elderly get sick, even family turns into vultures. It's sick and sad. The saddest part of all is the elderly suffer the most.My parents went from several thousand dollars a month to $600 in Social Security only. Two years later, we are still struggling to clean it up.
I do not understand how people can be so cruel ... to deceive the elderly (especially the lonely)."When the elderly get sick, even family turns into vultures. It’s sick and sad. The saddest part of all is the elderly suffer the most."I totally agree with You.