Elder financial abuse is a significant issue affecting many older adults nationwide. It involves someone exploiting or misusing an older person’s finances or assets for personal gain. Often, the perpetrator is in a position of trust, such as a family member, abusive partner, or paid caregiver.
To raise awareness of this issue, WalletHub evaluated elder abuse protections in the 50 states and the District of Columbia.
All older Americans are vulnerable to financial abuse, but there are certain circumstances that make someone more likely to be scammed. An online survey can help older adults (or their caregivers) assess their risk of being exploited based on how they make financial decisions.
To help protect seniors and other vulnerable investors from financial exploitation, the Financial Industry Regulatory Authority (FINRA) has developed a Senior Helpline to provide assistance and advice.
This is a bit off topic for this blog, I know, but the unfortunate reality is it is about something that affects us all. I myself get a phishing scam email at least once per week, sometimes more. I am often tempted to play along for a while to waste the bad actor's time, but unfortunately that w...
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