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As the U.S. population ages, financial scams targeting the elderly have unfortunately become a growing problem, netting thieves billions of dollars a year. An earlier study conducted by MetLife finds that 51 percent of elder financial abuse is perpetrated by strangers. Sadly, 34 percent is perpetrated by family, friends or neighbors. It seems women are twice as likely as men to be victims of elder financial abuse, with most being between the ages of 80 and 89.
On today’s episode of Your Money, Your Matters, we’ll discuss the issue of financial elder abuse, what measures regulators such as the Consumer Financial Protection Bureau are doing to combat the program, and what financial institutions, including credit unions, can and are doing to help prevent such crimes. We’ll also identify red flags of elder financial abuse.
Broadcasting every Tuesday from 11 a.m. to noon CDT, Your Money, Your Matters features radio personalities Linda Webb-Manon and Rick Grady, Cornerstone Credit Union League; Courtney Moran, Cornerstone Credit Union Foundation, and Todd Mark, Consumer Credit Counseling Services. Each month, the four will discuss financial issues of most importance to consumers.
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