4/20/2015 – To Help Mom and Dad Avoid Financial Scams, Just Talk to Them (NBC News)

by on April 20, 2015 4:35 pm
Categories: Financial Landing 2015

The elderly are vulnerable in many ways, but financial fraud is one of the more pernicious. About 1 in 8 of the cases reported to the National Center on Elder Abuse relates to finances, and the average fraud takes$30,000 out of a senior’s pocket. Like other types of abuse, most elder financial fraud happens in the shadows: Seniors are ashamed, or worried about losing their autonomy. By some estimates, just 1 in 44 instances of elder financial fraud is reported.

 But a simple move can help seniors protect their savings. According to newly released survey data from Allianz Life, when seniors discuss their finances with a friend, family member or professional, they are significantly more likely to take preventive measures to keep financial abuse at bay.

Read the full article at NBC News.