The most targeted group for financial fraud is elderly individuals but studies show that they are also the least concerned about being scammed. Millions of older Americans have worked extremely hard to contribute to their retirement funds and this makes them top targets for financial scams.
A 2021 retirement risk readiness study conducted by Allianz Life indicates that less than one-quarter of retirees are concerned they could become a victim of financial fraud. Financial fraud can have significant implications for someone’s financial security and can undo years or even decades of hard work. One of the most important things that elderly individuals can do is to regularly monitor their financial accounts and to be vary of anyone offering them outright advice or suggestions out of the blue. This can be especially problematic for elderly people who are not as in touch with their financial plans because they were created by a spouse that has since passed away.
Enlisting trusted help from professionals or family members you can rely on is an important part of making yourself aware of potential scams and giving you the opportunity to respond to these effectively if and when they occur. These proactive steps can help minimize the possibility of elder financial abuse and the negative fallout associated with it.