New Tool Kit Available to Help Senior Citizens Avoid Financial Scams
Caregivers, seniors can learn tips to protect most vulnerable seniors
Oct. 21, 2011 Senior citizens are 12 percent of the U.S. population but a staggering 35 percent of all fraud is
inflicted on seniors. A new effort to educate seniors on how to protect them themselves from financial abuse and scams has been published by
the National Council on Aging (NCOA).
The new toolkit Savvy Savings Seniors: Steps to Avoid Scams - is produced in partnership with the Womens Institute for
a Secure Retirement (WISER), and the Bank of America Charitable Foundation.
Financial fraud is one of the most common forms of elder abuse, and also one of the most underreported. Scams and
swindles deprive older adults of their hard-earned assets and retirement savings, and can leave them feeling confused, fearful, and ashamed.
We must acknowledge that helping to protect seniors from scams is a vital component to ensuring their safety and
financial independence, said Sandra Nathan, senior vice president of economic security at NCOA.
This toolkit helps older adults identify the common forms of financial fraud, and take action to protect their
hard-earned resources.
The toolkit is the second in the Savvy Saving Seniors financial education series, following the release of a
guide on money management skills earlier this year.
In addition to offering typical scam scenarios, the toolkit includes step-by-step instructions for professionals to
facilitate a workshop with older clients, and a list of signs for caregivers and family members to look for when concerned about their loved
one.
All seniors, but especially older women -- the prime targets of financial scams, need the very best information to
protect their income and assets and avoid financial exploitation, said Cindy Hounsell, president of WISER.
The Savvy Saving Seniors toolkits are part of a larger initiative between NCOA and the Bank of America Charitable
Foundation to provide one-on-one financial assistance to over 1,200 older adults experiencing economic distress over the next year.
Everyone can benefit from financial educationbut its especially important for vulnerable populations, such as
seniors, who may have little income and resources, said Kerry Sullivan, president of the Bank of America Charitable Foundation. We hope that
this toolkit enables older adults to acquire the knowledge and skills they need to avoid scams and remain in control of their income and
assets.
To participate in a free webinar on Oct. 24th on how to use the toolkit,
click here. For additional information on this toolkit and how to get help,
please click here.
About NCOA
The National Council on Aging is a nonprofit service and advocacy organization headquartered in Washington, DC. NCOAs mission is to improve
the lives of millions of older adults, especially those who are vulnerable and disadvantaged. www.NCOA.org |
www.facebook.com/NCOAging | www.twitter.com/NCOAging
About WISER
The Womens Institute for a Secure Retirement is a nonprofit organization established in 1996 dedicated to the education
and advocacy that will improve the long-term financial quality of life for women. As the only organization to focus exclusively on the unique
financial challenges that women face, WISER supports womens opportunities to secure adequate retirement income through research, workshops,
and partnerships. www.wiserwomen.org
About Bank of America Corporate Philanthropy
Building on a long-standing tradition of investing in the communities it serves, Bank of America is delivering on a
10-year goal to donate $2 billion to nonprofit organizations engaged in improving the health and vitality of their neighborhoods. Funded by
Bank of America, the Bank of America Charitable Foundation gave more than $200 million in 2010, making the bank one of the largest corporate
cash donors in the United States.
www.bankofamerica.com/foundation.
Keep up with the latest news for senior citizens, baby
boomers
Oct. 21, 2011 Senior citizens are 12 percent of the U.S. population but a staggering 35 percent of all fraud is
inflicted on seniors. A new effort to educate seniors on how to protect them themselves from financial abuse and scams has been published by
the National Council on Aging (NCOA).