{"id":397400,"date":"2020-12-10T09:03:18","date_gmt":"2020-12-10T14:03:18","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=397400"},"modified":"2020-12-10T09:03:18","modified_gmt":"2020-12-10T14:03:18","slug":"wells-fargo-study-finds-senior-isolation-and-loneliness-a-growing-concern-as-pandemic-continues","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/wells-fargo-study-finds-senior-isolation-and-loneliness-a-growing-concern-as-pandemic-continues\/","title":{"rendered":"Wells Fargo Study Finds Senior Isolation and Loneliness a Growing Concern as Pandemic Continues"},"content":{"rendered":"

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\nWells Fargo Study Finds Senior Isolation and Loneliness a Growing Concern as Pandemic Continues\n<\/p>\n

\nFinancial fraud among the many issues impacting seniors, though most believe it couldn\u2019t happen to them\n<\/p>\n

SAN FRANCISCO–(BUSINESS WIRE<\/a>)–
\nAs social restrictions continue in support of public health, risks associated with isolation permeate among the aging population. According to a Wells Fargo study conducted by The Harris Poll from Nov. 17-19, a quarter (25%) of all seniors age 60 and above report feeling isolated and lonely, and over a third (43%) can go days without talking to others and spend most of their time alone.\n<\/p>\n

This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20201210005279\/en\/<\/a><\/p>\n

\"(Photo:<\/p>\n

(Photo: Wells Fargo)<\/p>\n<\/div>\n

\n\u201cWith smaller family sizes and higher divorce rates relative to earlier generations, baby boomers face a much higher risk of isolation,\u201d said Dr. Marti DeLiema, a gerontologist and consultant for Wells Fargo\u2019s Aging Client Services.\n<\/p>\n

\nAccording to the poll, one in five (20%) seniors age 60 and above report living alone \u2014 a number even higher among senior women (26%).\n<\/p>\n

\nIsolation has been shown to have numerous negative health consequences, ranging from depression to cardiovascular disease and cognitive decline. However, the risks do not stop there.\n<\/p>\n

\nAccording to Ron Long, head of Wells Fargo\u2019s Aging Client Services, isolation is a major contributing factor in many elder financial exploitation cases \u2014 and the pandemic is exacerbating that.\n<\/p>\n

\n\u201cScammers know that seniors are isolated now more than ever,\u201d Long said. \u201cWhen someone is alone, physically or socially, they often miss out on the added benefit of a second pair of eyes and ears.\u201d\n<\/p>\n

\u2018Not me\u2019 attitude is risky business<\/b><\/p>\n

\nCompounding the risks associated with isolation is the alarming number of seniors who feel their chances of falling victim to a financial scam is unlikely.\n<\/p>\n

\nSixty-nine percent of all seniors age 60 and above believe they are not likely to be susceptible to a financial scam, despite nearly all seniors (97%) acknowledging that older people are very or somewhat susceptible to becoming a victim of a scam.\n<\/p>\n

\nWhen asked about their peers, the poll found nearly half (47%) of all seniors age 60 and above knew someone who had already fallen victim to a scam.\n<\/p>\n

\n\u201cThe results indicate what most of us want \u2014 the ability to age in place, relatively unaffected from the realities associated with aging,\u201d DeLiema said. \u201cThe problem is when someone doesn\u2019t feel they are at risk, they are unlikely to take precaution.\u201d\n<\/p>\n

Prevention as a defense<\/b><\/p>\n

\nThe end of year is a particularly risky time as scammers use things such as Medicare open enrollment, sham charity organizations, and increased online shopping to target seniors. Consider some of the following to better protect yourself and loved ones from elder financial fraud and abuse:\n<\/p>\n