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PA study finds seniors are major target of financial crimes

Consumer Spending Money

HARRISBURG, P.A. (WBNG) -- The Pennsylvania Department of Aging is creating a task force along with several other state agencies, with the hope to stop the financial exploitation of seniors.

Secretary of the Department of Aging Robert Torres says the issue is widespread and costly. In a study that looked at 400 cases, the average financial loss was $40,000.

He adds that the study found that most of the cases were of family members taking money from seniors, many of which are never reported. "So there's a lot of under reporting because most of the older adults don't want to take their family to court. They may be dependent on them for care, so there's a lot of things that play into why there's so much under reporting," Torres says.

He encourages people to be mindful of their finances and real estate. Torres says the pandemic has created more opportunities for financial exploitation, and people should know that if it's too good to be true, it probably is.

Kienan Dixon

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