Speaking on Business: Elder Financial Abuse
The National Council on Aging reports older Americans lose over $36 billion a year to financial exploitation.
This is Chris Redgrave for Zions Bank Speaking on Business.
With thousands of Baby Boomers hitting retirement age every year, the senior population in the United States is growing significantly. It’s projected to almost double, reaching nearly 84 million by 2050. And one of the major concerns we face is Elder Financial Abuse.
The National Council on Aging reports older Americans lose over $36 billion a year to financial exploitation. And, sadly, it’s one of the most vastly underreported crimes with only one in 44 cases that are ever brought to light. It’s been billed as the crime of the 21st Century, as our senior population increases. And financial losses are expected to continue growing as well, unless we help!
Our responsibility is to ensure we have the infrastructure and resources in place to care for and protect this generation. Historically, divisions within the federal government came together to take a stand against elder financial exploitation, passing new regulations that have been enacted to protect this vulnerable population, including the Economic Growth Regulatory Relief and Consumer Protection Act, which passed earlier this year.
One organization that is stepping up to help is the Utah Bankers Association, which will be holding a webinar focused on Elder Financial Exploitation on Monday, Aug. 6 from 12:30 to 2 p.m. Find out more or sign up at bankwebinars.com.
For Zions Bank, I’m Chris Redgrave, speaking on business.