A new survey says older Americans are the targets of investment fraud and financial exploitation.
Two-thirds of the 756 state securities regulators, financial planners, law enforcement officials, attorneys and other professionals who responded to an online poll said that they deal with elderly victims of investment fraud and financial exploitation. Three in four called it a “very serious” problem and described the elderly as “very vulnerable” to swindles.
The survey was done by the Investor Protection Institute in response to questions posed by the Consumer Financial Protection Bureau.
The most common abuses: Theft or diversion of funds by family members; theft or diversion of funds by caregivers; financial scams by strangers.
The survey “shows that financial swindles targeting older Americans are a bigger problem today than ever before and that seniors need more help,” said Don Blandin, president and CEO of the Investor Protection Institute.
The suggested solution: more financial education, counseling and training for the elderly and their families and caretakers.