Preventing financial exploitation of seniors

A burgeoning population of seniors with inadequate resources for retirement poses widespread social challenges, but it also makes seniors vulnerable to those who would exploit them.

A new public-service effort created by Society of Certified Senior Advisors (SCSA)™ aims to warn seniors and those who care for them about unscrupulous persons who prey on seniors’ special circumstances to separate them from their money.

“Seniors hold almost 80 percent of the nation’s wealth, yet their main fear is that they will lose their capacity to live independently. Because of this fear, seniors are a ripe target for the unprincipled and unethical purveyors of specious financial schemes,” according to SCSA President Ed Pittock.

 “Financial exploitation of seniors is a national disgrace. One financial-services industry survey showed that seniors 62-75 fear financial exploitation more than health crises or terrorism. The National Center on Elder Abuse estimates that nearly one out of every three elder abuse cases involves financial exploitation.

The Elder Abuse Incidence Study found that an estimated 150,000 seniors are the victims of financial abuse yearly, and AARP reports that seniors are the target of 40 percent of all financial scams,” Pittock said.

“Yet preventing financial exploitation begins with the realization that it’s about far more than money. It’s also a social, psychological, planning, health and self-consciousness issue. For example, financial exploitation is a social issue, because the more isolated seniors are, the more vulnerable they are to being scammed. It’s a psychological issue because the unscrupulous operator will use a senior’s desire to remain independent to talk a senior into investing something that promises high returns and guaranteed income when neither is assured. And it’s a planning issue because the best deterrent to financial exploitation is financial planning,” Pittock said.

To combat the problem, SCSA will arm its member Certified Senior Advisors (CSA)® with a presentation on preventing financial exploitation that they will share with senior audiences nationwide.

The presentation, titled “Nine Tips for Seniors To Avoid Financial Abuse: A Guide for Seniors and Those Who Care for Them,” details concrete actions to help seniors from becoming victims. Seniors groups can arrange to hear the presentation by contacting a local Certified Senior Advisor.

The text of the presentation is available on SCSA’s web site, www.society-csa.com Pittock said SCSA hopes to reach 100,000 seniors with the presentation this year. ABOUT SCSA. Society of Certified Senior AdvisorsÔ (SCSA) is the world’s largest membership organization educating and certifying professionals who serve seniors. Its headquarters is in Denver, Colorado. Dan Danbom Society of Certified Senior Advisors