Combining Forces to Combat Elder Financial Victimization How Consumers Can Avoid the Financial Pitfalls of Cognitive Aging and What They Should Be Asking Their Financial Institutions

22 Pages Posted: 22 Jun 2018 Last revised: 29 Apr 2020

See all articles by Jeanne Rentezelas

Jeanne Rentezelas

Federal Reserve Banks - Federal Reserve Bank of Philadelphia

Larry Santucci

Federal Reserve Bank of Philadelphia

Date Written: 2018-06-14

Abstract

Medical research has linked financial vulnerability to accelerated cognitive aging — the process by which cognitive abilities decline with age. Consumers who understand the risks of cognitive aging and what their financial institutions are doing to detect and deter financial crimes are better positioned to safeguard their retirement savings. In this paper, we examine how consumers and financial institutions can prepare for the financial pitfalls of aging. We present seven important steps that consumers aged 50 or older can take to protect themselves. We also provide consumers with a list of six questions to determine how well their financial institutions are prepared to detect signs of diminished financial capacity, elder fraud, and financial abuse, and to prevent financial losses from occurring.

Keywords: elder fraud, financial exploitation, retirement planning

JEL Classification: D18, G21, G28, J14, K22

Suggested Citation

Rentezelas, Jeanne and Santucci, Larry, Combining Forces to Combat Elder Financial Victimization How Consumers Can Avoid the Financial Pitfalls of Cognitive Aging and What They Should Be Asking Their Financial Institutions (2018-06-14). FRB of Philadelphia Payment Cards Center Discussion Paper No. 18-2. Available at SSRN: https://ssrn.com/abstract=3199805

Jeanne Rentezelas (Contact Author)

Federal Reserve Banks - Federal Reserve Bank of Philadelphia

Ten Independence Mall
Philadelphia, PA 19106-1574
United States

Larry Santucci

Federal Reserve Bank of Philadelphia ( email )

Ten Independence Mall
Philadelphia, PA 19106-1574
United States
2155746014 (Phone)

HOME PAGE: http://https://philadelphiafed.org/consumer-finance-institute/researchers/larry-santucci

Here is the Coronavirus
related research on SSRN

Paper statistics

Downloads
48
Abstract Views
228
PlumX Metrics