MONEY SMART FOR OLDER ADULTS
The Bureau of Consumer Financial Protection.
"Financial exploitation has been called 'the crime of the 21st century' with one study suggesting that older Americans lost at least $2.9 billion to financial exploitation in 20101 by a broad spectrum of perpetrators, including persons they know and trust, as well as strangers. Cognitive impairment diminishes the ability of some older adults to make financial decisions and to detect frauds and scams.”
-Money Smart Instructor Guide fdic.gov
The Money Smart for Older Adults Program raises awareness among older adults and their caregivers on how to prevent elder financial exploitation and encourages advance planning and informed financial decision-making.
The elder exploitation prevention program covers the following:
- COVID-19 Senior Scams.
- Types of Elder Financial Abuse - exploitation by a fiduciary named to manage an elderly person’s money or property such as a family member, caregivers, or in-home helpers.
- Tips, Scenarios and Examples - for what older adults can do to prevent financial abuse.
- A Helpful Quiz for Older Adults - on how much they know about financial abuse and how to protect themselves.
Common scams and fraud are detailed including:
- Investment Fraud
- Telephone Scams
- Internet Scams
- Grandparent Scams
- IRS Scam
- Romance Scam
- Lottery Scam
- Sweepstakes Scam
- Phantom Debt Collection Scam
- Charity Scams
- Computer/Internet Scams
- Identity Theft
- Medical Identity Theft
- Contractor Scams
- Pension Scam
- Home Improvement Scams
- Scams that Target Homeowners
- Scams that Target Veterans
The guide helps the elderly to plan and prepare ahead with the ‘Planning For Unexpected Life Events How to Be Financially Prepared for Disasters’ training along with a section on ‘How Financially Prepared AreYou?’
Information is provided on how and where to report elder financial exploitation.
Elder Abuse Prevention Programs
Financial Elder Abuse Prevention Programs
WATCH VIDEO ON MONEY SMART FOR OLDER ADULTS