Research has shown that the ability to understand the concepts of finance and be able to apply them in the right way, peaks in the mid 50s and starts to drop by 1% every year once the individual has reached the age of 60. What is surprising is the fact that the confidence that comes with making financial intelligence as well as investing is constant even as the age increases. It is important that older adults are empowered, especially because of the financial challenges they are facing today. There are numerous serious threats to the economic wellbeing of the senior members of society. Matters such as the housing foreclosure crisis, devastates communities and leaves millions underwater on their mortgages. Many scammers target older adults with predatory schemes that rob them of their hard-earned resources and wealth. Potential cuts to Social Security are looming. High cost pension advance products have caught the attention of banking regulators for the harm they bring to older adults. In the face of these challenges, financial institutions, government regulators and policymakers, and even the advocates have taken integral roles towards ensuring that older adults can live in economic security. And older adults should be empowered to protect themselves and advocate for better products, practices and policies that address their unique needs.
One important undertaking in the mission to secure the older adults financially is the work to make banking more age-friendly. Financial institutions can do a lot more to serve the needs of the older adult population, including improving access to bank branches for older adults, and providing financial products that better suit the needs of older adults and specialized fraud protection. The government and concerned institutions are working to promote age-friendly banking practices such as these that will benefit older adults. There should also be zero tolerance for any entity or individual engaged in activities that deplete the wealth or compromise the financial security of older adults. Get a 2020 supplement plan at www.medicaresupplementplans2020.com/ to have health coverage.
Federal and state regulators, law enforcement agencies, and financial institutions have critical roles to play here. Regulators should provide more robust and timely data and analysis of older adult fraud and abuse trends. In addition, regulators should continue to develop sophisticated trainings on detecting and reporting fraud and abuse for consumers, financial institutions and other individuals working with older adults. Law enforcement agencies must work to crack down on scams and elder financial abuse. And financial institutions are particularly well positioned to detect irregularities and financial abuse of older adults and can be the first line of defense in preventing elder financial exploitation.