Pub. 12 2017-2018 Issue 3

WWW.NEBANKERS.ORG 12 W HAT ARE YOU DOING TODAY TO PROTECT YOUR ELDERLY customers from financial exploitation? If you have not considered the question for a while, perhaps you should. The U.S. Census Bureau projects that by 2025, approxi- mately 56.5 million U.S. citizens, roughly 17 percent of the population, will be 65 years of age or older. 1 By the year 2030, that number will increase to approximately 75 million, or nearly one-fifth of the total population. 2 Within that population, many suffer from Alzheimer’s disease, the most predominant, but certainly not the only, form of dementia. According to the Alzheimer’s Association, an estimated 5.5 million residents of the United States suffer Alzheimer’s dementia, and of these, 5.3 million are age 65 or older. 3 One out of every 10 United States residents age 65 or older suffers Alzheimer’s dementia, and another will develop Alzheimer dementia every 66 seconds. 4 In Nebraska, approximately 33,000 residents 65 years of age or older suffer Alzheimer’s dementia. 5 That number likely will increase to approximately 40,000 Nebraska residents by 2025. 6 Consistent with national trends, approximately one in 8.5 Nebraska residents 65 years of age or older suffers Al- zheimer’s dementia. 7 With the increase in the aging of our population and the incidence of impairment, instances of financial abuse of our seniors are on the rise. According to the National Adult Protec- tive Services Association, the reporting of financial abuse of vulnerable and older adults has increased significantly over the past decade, yet only one in every 44 cases is reported. 8 ELDER FINANCIAL EXPLOITATION: Protecting Your Customers From the Crime of the Century Patrick B. Griffin, Kutak Rock LLP COUNSELOR’S CORNER