Financial Abuse Costs Elders More Than $2.6 Billion Annually, According to MetLife Mature Market Institute Study, Though Four in

--Prevention Tips Available for Older Americans and Their Families

Elder financial abuse costs older Americans more than $2.6 billion per
year and is most often perpetrated by family members and caregivers,
according to a new report released by the MetLife Mature Market
Institute (MMI) entitled, Broken Trust: Elders, Family and Finances,
which is accompanied by tip sheets for older adults and families on how
to prevent such issues. The report, produced in conjunction with the
National Committee for the Prevention of Elder Abuse (NCPEA) and
Virginia Polytechnic Institute and State University, states up to one
million older Americans may be targeted yearly and that related costs
like health care, social services, investigations, legal fees,
prosecution, lost income and assets reach tens of millions of dollars
annually. The study indicates that for each case of abuse reported,
there are an estimated four or more that go unreported. The economic
downturn may increase vulnerability. Family members and caregivers are
the culprits in 55% of cases, although financial losses are higher with
investment fraud scams.

The National Adult Protective Services Association (NAPSA) suggests that
the "typical" victim of elder financial abuse is between the ages of 70
and 89, white, female, frail and cognitively impaired. She is trusting
of others and may be lonely or isolated, although reports show that
there is a very diverse population of victims.

"Elder financial abuse has been called the 'crime of the 21st
century,'" said Sandra Timmermann, Ed.D., director of the MetLife Mature
Market Institute. "With the present state of the economy, older
Americans are at a greater risk than ever of having their financial
security threatened. And, for every dollar lost to theft and abuse,
there are still more related costs associated with stress and health
care and the intervention of social service, investigative and legal
entities.

"This is also a growing problem made greater by the increase in the
number of older Americans as targets, the relative wealth of this group,
a change in family structure and the availability of technology that may
make such abuse somewhat easier," said Timmermann.

"Sadly, family members and caregivers tend to financially exploit their
elderly relatives more often than strangers. Community service providers
and other professionals agree, however, that reported cases represent
only the very 'tip of the iceberg.' Scholars and practitioners speculate
that, like perpetrators of other types of elder abuse, family members
who exploit their elders are dependent upon them financially and their
actions may be influenced by other problems such as alcohol and drug
abuse. In addition, some family members feel a sense of entitlement and
believe that they have a right to the money and material goods their
parents or older relatives have accumulated," Timmermann added.

Pamela B. Teaster, Ph.D., NCPEA president, said the data provided
through the National Center on Elder Abuse daily newsfeed proved
invaluable. "The feed tracks media reports of elder abuse through Google
and Yahoo Alerts, a process that scans billions of Web pages," said
Teaster. "Not only were we able to put a face on the information
reported in the primary literature, but more importantly, we had
real-time information on financial elder abuse and information from
numerous reporting sources," she said.

The 2006 national Survey of State Adult Protective Services revealed
that victims range in estimated number from a low of 100,000 to a high
of one million a year. It is believed that these numbers will grow with
the aging population and their increasing net worth.

Elder financial abuse takes many forms, including, but not limited to:
fraud (coupon, telemarketing, mail); repair and contracting scams;
"sweetheart scams;" false/fraudulent advice from loan officers, stock
brokers, insurance salespersons, accountants and bank officials; undue
influence; illegal viatical settlements; abuse of powers of attorney and
guardianship; identity theft; Internet "phishing;" failure to fulfill
contracted health care services; and Medicare and Medicaid fraud.

The report states that the justice and social services systems are often
inadequately trained, staffed and funded to address elder financial
abuse. Further, at times it is difficult to determine whether financial
abuse occurred or if one unwittingly or knowingly made a poor financial
decision. Generally under state jurisdiction, most states mention
financial exploitation in their statutes, although what it constitutes,
who is covered and who is accountable vary as widely as do the remedies.
A bill before Congress since 2002, The Elder Justice Act, would increase
awareness of elder abuse, neglect and exploitation at the national level
and would train individuals from various disciplines, combat elder abuse
and prosecute cases. An additional measure would create an Elder Justice
Coordinating Council.

Underreporting is attributed to fear of government interference, parents
protecting their children and family members; embarrassment and
self-blame; a lack of realization that abuse has occurred; fear of being
placed in a facility; fear of harm from the perpetrator; and a belief
that nothing will be done or more money will be lost.

Additional facts:

--
Reports vary as to whether women or men are more vulnerable to
financial abuse, but loneliness and isolation clearly leave one more
exposed to theft. The average victim of elder abuse is a woman over
the age of 75 who lives alone (48% of women over the age of 75,
according to the Administration on Aging). Men are reported to be
particularly vulnerable to the "sweetheart scam."

--
60% of substantiated Adult Protective Services (APS) cases of elder
abuse involve an adult child; sons are 2.5 times more likely than
other family members to take advantage of parents.

--
In addition to the obvious financial loss, long-term effects include
credit problems, health issues, depression and the loss of
independence.

--
Signs of abuse include indications of intimidation by or fear of a
caregiver, isolation from family and friends, disheveled appearance,
anxiety about finances, new "best friends" and missing belongings.

--
Elder financial abuse can be prevented by the following: 1) education
about one's rights and about the various types of consumer fraud and
scams; 2) Financial conservatorship and/or power of attorney for those
who are vulnerable; 3) Assignment of responsibility to a trusted
outside person, if children are a concern; 4) Additional media
attention for this issue; 5) Training financial professionals to
properly assist older customers; 6) Assistance from social services,
medical/nursing personnel, government agencies; 7) Reporting suspected
cases of financial abuse to local authorities.

Methodology

Leading researchers from the National Center for the Prevention of Elder
Abuse (NCPEA), Virginia Polytechnic Institute and State University
(Virginia Tech) reviewed all Newsfeed articles from April through June
2008 from the Administration on Aging's National Center on Elder Abuse
(NCEA), a newly established database which tracks media reports of elder
abuse through Google and Yahoo Alerts scanning billions of web pages.
The researchers also searched 12 electronic databases that index
academic journals containing primary literature on elder abuse from 1998
through June 2008 to provide the basis for this analysis. They found 168
articles from journals in the social science, medical and legal
disciplines. At the same time, they conducted a database search of
organizational and trade magazines published from 2005 to 2008 to find
mentions of elder financial abuse by business and private-sector
professionals (e.g., bankers, financial planners, insurance agents) who
frequently interact with older adults. That search resulted in 110
articles on this topic.

National Committee for the Prevention of Elder Abuse

The National Committee for the Prevention of Elder Abuse (NCPEA) is an
association of researchers, practitioners, educators and advocates
dedicated to protecting the safety, security and dignity of America's
most vulnerable citizens. It was established in 1988 to achieve a
clearer understanding of abuse and provide direction and leadership to
prevent it. The Committee is one of six partners that make up the
National Center on Elder Abuse, which is funded by Congress to serve as
the nation's clearinghouse on information and materials on abuse and
neglect. To learn more about NCPEA, visit www.preventelderabuse.org.

About the MetLife Mature Market Institute

Established in 1997, the Mature Market Institute (MMI) is MetLife's
research organization and a recognized thought leader on the
multi-dimensional and multi-generational issues of aging and longevity.
MMI's groundbreaking research, gerontology expertise, national
partnerships, and educational materials work to expand the knowledge and
choices for those in, approaching, or caring for those in the mature
market.

MMI supports MetLife's long-standing commitment to identifying emerging
issues and innovative solutions for the challenges of life. MetLife, a
subsidiary of MetLife, Inc. (NYSE: MET), a leading provider of
insurance, employee benefits and financial services with operations
throughout the United States and the Latin American, Europe and Asia
Pacific regions.

For more information about the MetLife Mature Market Institute, please
visit: www.maturemarketinstitute.com.

For a free copy of the study, Broken Trust and the accompanying
tip sheets for family caregivers and older individuals, Helpful
Hints: Preventing Elder Financial Abuse, and the Since You Care
guide: Preventing Elder Abuse call 203-221-6580, e-mail maturemarketinstitute@metlife.com,
or download them from www.maturemarketinstitute.com.
You may also send a written request to the MetLife Mature Market
Institute, 57 Greens Farms Road, Westport, CT 06880.

SOURCE: MetLife, Inc.

DJC Communications 
Debra Caruso, 212-907-0051 
debra@djccommunications.com 
or 
MetLife 
Joseph Madden, 212-578-3021 
jmadden@metlife.com 
or 
MetLife 
Shalana Morris, 212-578-1115 
snmorris@metlife.com

For full details on Metlife Inc (MET) MET. Metlife Inc (MET) has Short Term PowerRatings at TradingMarkets. Details on Metlife Inc (MET) Short Term PowerRatings is available at This Link.