Research shows that one in five older Americans are victims of financial exploitation and each victim loses an average of $120,000. Through AARP's BankSafe initiative, we are working to stop financial exploitation before it happens
Although older Americans with impaired memory or cognitive problems may appear healthy and retain social skills, their financial capacity—that is, their ability to manage money, pay bills and debts, and make prudent decisions regarding investments and risk—may nevertheless be significantly diminished. Not surprisingly, therefore, financial advisors are often the first people to notice when a person begins to show signs of cognitive impairment—sometimes even before the individual or family become aware. A full 75 percent of advisors in a recent survey indicated they had at least one client who exhibited diminished mental capacity.
Financial Abuse of Older Adults: AARP and American Bankers Association Foundation Partner to Tackle Growing Problem
Growing numbers of older Americans, especially those with cognitive impairments, are at risk for financial abuse.
Health and Human Services Secretary Kathleen Sebelius announced Thursday that a coordinated federal effort has been put in place to address the devastating and increasing problem of elder financial abuse.
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