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.