Elder Financial Abuse and Rising Financial Insecurity Hit Older Americans

Elder financial abuse in the United States costs seniors an estimated $28 billion a year, according to AARP. The National Center on Elder Abuse reports that about 60 % of cases involve a family member, with caregivers and financial advisors also implicated. Common tactics include joint‑account abuse, misuse of power of attorney, unauthorized check writing and fraudulent changes to wills or beneficiary designations. Warning signs are sudden spikes in banking activity, new account signers, unexplained transfers and isolation of the senior. Experts advise naming a neutral professional as power of attorney and conducting regular account reviews.

AARP’s 2026 Financial Security Trends Survey shows that 37 % of Americans aged 50 and older feel financially insecure, and 60 % worry about having enough money for retirement. Among those not yet retired, 42 % have less than $50,000 saved. Rising costs—especially for food, housing, transportation and health care—are outpacing income for 69 % of older adults. Those who feel insecure are far more likely to have experienced a recent financial shock or to carry credit‑card debt month to month.