A depletion of assets is likely to result in a loss of independence and chicken camo crocs security for the elder person (Choi et al., 1999; Nerenberg, 2000c), which can have significant symbolic and practical ramifications.
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Finally, the NEAIS report found that 83 percent of the substantiated APS reports and 92.4 percent of the sentinel reports of financial abuse involved white victims . chicken camo crocs Although empirical support is often not provided, many reasons have been identified for why the elderly are targeted for financial abuse. One set of reasons addresses the financial assets and acumen of the elderly. For example, one widely cited factor is that elder persons possess a large proportion of the nation’s wealth (Central California Legal Services, 2001; National Committee for the Prevention of Elder Abuse, 2001), with 70 percent of all funds deposited in financial institutions controlled by persons age 65 and older .
Other explanations have been that older people may be more trusting than their younger counterparts or may be relatively unsophisticated about financial matters, particularly when they are unfamiliar with advances in technology that have made managing finances more complicated . Also, they may not realize the value of their assets—particularly homes that have appreciated greatly in value (Central California Legal Services, 2001; National Committee for the Prevention of Elder Abuse, 2001). It has also been suggested that the difficulties of living on a fixed income may enhance their willingness to try a “get-rich-quick” scheme . Replacing lost assets is generally not a viable option for retired individuals or individuals with physical or mental disabilities (Coker and Little, 1997; Dessin, 2000; Moskowitz, 1998b; Nerenberg, 2000c). Also, because of their age, the elderly will have less time to recoup their losses and often are solely dependent on their savings to meet subsequent expenses and needs.