Tips and Advice

Protecting Seniors from Financial Abuse

As baby boomers continue to age some are finding out firsthand how seniors are being targeted for financial schemes.
sad elderly man
By AmOne
Updated on: November 10th, 2022

sad elderly man As baby boomers continue to age, many are worrying about retirement plans and how they will be paying for lifetime assistance and care. According to the non-profit organization known as the Certified Financial Planner Board of Standards, seniors lose an average of $145,000 due to financial schemes. Many are lured in by false promises, hopeful wishes, and in some cases by people they are supposed to trust.

Seniors are being enticed by free lunches that end up being sales pitches for investments and products. They have to deal with pushy salesmen and once they’ve accepted the free lunch feel the pressure to say “yes” to whatever is being offered. In the age of the Internet, seniors are being snared in by sweepstakes, giveaways, and other online proposals that ask for personal information.

Unfortunately those closest to them are also taking advantage of the aging population. Financial planners, relatives assigned power of attorney, and legal guardians are using their positions to manipulate seniors.

It’s important for seniors to protect themselves and their investments. If you have loved ones be sure to check up on them and discuss their finances with them. Having someone they can trust is important and they could be more open about their finances and when they have been approached for new “investments”.

Be sure to inform your loved ones about these potential schemes as well, and let them know that the authorities can help them should they get involved in one of these false investments. If your grandparents are tech-savvy, let them know about how seniors are being targeted online and how to keep their online networks safe from hackers.

The Takeaway

Make sure that your loved ones talk to you about their finances. If they are independent, be sure to communicate with them about the potential schemes they could encounter. Finding a credit monitoring service for them might be an option. AmOne is your trusted source for all things money, they could help you or your loved ones get connected with credit monitoring services. Find out how to reach us and learn more about how AmOne can help you today.