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Senior financial scams are a growing problem nationwide. Your aging loved ones may have spent a lifetime saving for retirement, but they could lose it all if they fall into the hands of the right con artist.
A recent study found that seniors lose as much as $36.5 billion a year to financial scams. Nearly 954,000 seniors actually miss meals because of money lost to fraudsters, the study says. And, sadly, it’s not just strangers preying on our elderly. Family members are behind about 90 percent of elder abuse cases, including financial fraud and other exploitation.
Seniors, with their own nest egg and time on their hands, can be easy targets for swindlers, according to the FBI. They are less likely to report a crime because they’re embarrassed or worried about what friends or family might think. At times, seniors aren’t even aware of the deceit. Memory loss that comes with aging and illness can make it difficult for some to speak up or even understand that they’ve been duped.
How can you take steps to protect the seniors in your life?
Vigilant and loving friends and family can make all the difference to ensure seniors enjoy the retirement years they’ve earned, and can set their loved ones on the right path.
Consumer Education Services, Inc. (CESI) is a non-profit committed to empowering and inspiring consumers nationwide to make wise financial decisions and live debt free. Speak with a certified counselor for a free debt analysis today
Filed Under: Education, Family, Financial tips and tricks, Retirement, Scam Alert
Tagged: elderly scams, protecting older adults, senior financial safety, senior financial scams
Consumer Education Services, Inc. (CESI) is a non-profit service provider of comprehensive personal financial education and solutions for all life stages and for all of life’s milestones. Our goal is enhanced economic security for everyone we serve.
CESI is NOT A LOAN COMPANY