Protect senior citizens from financial abuse
Photo by Andrea Piacquadio
Senior Citizens Day, celebrated annually on October 1 in Canada and on August 21 in the United States, is a day to honor the contributions of senior citizens to our communities and raise awareness about the unique challenges they face. Designated in the U.S. by President Ronald Reagan in 1988 and by Canada’s House of Commons in 2010, the day encourages us to pay tribute to our elders and address the critical issues affecting them. Among these issues, elder financial abuse stands out as a particular concern that demands attention.
The importance of financial literacy for seniors
At Currency Marketing, our mission is to educate credit union members about money, and we do that through our flagship financial literacy program It's a Money Thing in partnership with credit unions in the U.S. and Canada. Senior citizens are a particular focus for us. Observing our own parents navigate financial challenges as they age contributed to the development of It's a Money Thing. The experience showed the important difference financial literacy makes in empowering seniors to manage their finances more effectively and protect themselves from exploitation.
Elder financial abuse is a troubling trend, costing seniors billions of dollars annually. Reports indicate that 17% of individuals aged 65 and older have been victims of financial exploitation. Only one in 44 cases is reported to protective services. This reality highlights the need for effective financial education and protective measures to safeguard our seniors.
The role of credit unions in protecting seniors
Credit unions, in partnership with financial literacy program providers such as Currency Marketing and national agencies like FINRA and the NCUA, can play a significant role in protecting senior members from financial abuse. By offering professionally developed financial education programs and access to protective information and resources, credit unions can equip seniors with the knowledge to recognize and prevent financial exploitation. Here are some ways credit unions can make a difference:
Provide educational workshops and seminars: Host workshops and seminars focused on financial literacy for seniors to provide valuable information on topics such as identifying scams, managing finances, and understanding investment options. Programs such as "It's a Money Thing" from Currency Marketing offer content specifically designed to help seniors navigate their financial lives more easily.
Collaborate with national agencies: Access and distribute resources provided by organizations like FINRA and the National Credit Union Administration (NCUA) which are geared toward protecting seniors. The FINRA Securities Helpline for Seniors provides free assistance to older investors with concerns about their brokerage accounts and investments. The NCUA offers resources and information aimed at protecting senior credit union members from financial abuse.
Provide access to tools and resources: Credit unions can share resources like FINRA's BrokerCheck which allows investors to verify the credentials and disciplinary history of brokers and firms. Additionally, the NCUA provides fraud prevention resources tailored for seniors. Tools to help seniors make informed decisions about their financial advisors and avoid potential scams.
Promote fraud avoidance strategies: Educate seniors on how to identify common fraud tactics and provide tips on how to avoid scams. These steps can significantly reduce the risk of financial abuse. Credit unions can distribute materials and conduct sessions that focus on fraud prevention strategies.
Making a difference together
Senior Citizens Day serves as a reminder of the respect and care we owe our elders. As we celebrate their contributions, we should commit to safeguarding their financial well-being. By working together to educate and protect our senior citizens from financial abuse, we can ensure they enjoy their golden years with peace of mind.
For more information on protecting seniors from financial abuse, visit the following resources:
Let’s make every day a step towards a safer and more secure financial future for our senior citizens.
At Currency Marketing, we recognized this need when developing our financial literacy program, It’s a Money Thing. Inclusivity and diversity were key priorities as we created a fun yet comprehensive curriculum. This program is designed to not only engage credit union members but also extend its reach to communities, supporting the broader mission of improving financial outcomes for everyone.
We encourage you to explore It’s a Money Thing and see how it can be a tool for both member engagement and community outreach. Financial literacy is vital, and it’s time we ensure that all community members, including those with disabilities, have access to the knowledge and resources they need.
Tim McAlpine is the Founder & CEO of Currency Marketing. He is best known for developing the It's a Money Thing Financial Education Program that credit unions from around North America are using to connect with new young adult members. He is also a driving force behind CUES Emerge, an emerging leader program that combines online learning, peer collaboration and an exciting competition component.
