‘Tis the Season

Half of all Americans over 65 feel they have been victims of financial wrongdoing, according to a recent survey by the Investor Protection Trust. Yet, 89% of adult children with parents age 65+ said their parents can handle their personal finances. Obviously, parents don’t tell their kids when they’ve been a scam victim.

What type of financial abuse is reported?  More than one third of senior citizens report being called or mailed solicitations for money. About 20% say they have been taken advantage of financially. They also report they:

-give money to people who ask,

-lack confidence in making important financial decisions,

-cannot afford some gifts or loans they have executed,

-receive bills that are confusing, and

-can have difficulty paying bills.

Financial scammers are very sophisticated, and many fall prey. Keep an eye out for your parents, friends and neighbors that may need some assistance. A good place to turn is the state attorney general’s office.

 

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