$2.9 billion. That is how much senior Americans lose each and every year to various scams, according to MetLife’s Mature Market Institute. These scams take many different forms, from fake charity donations and false lottery winnings to unnecessary home repairs and outright theft from bank accounts. All those who care about protecting the health, well-being, and finances of local seniors should take the time to talk to loved ones about these issues.
However, it is often very difficult to have conversations with aging parents, grandparents, aunts, uncles, or elderly friends. That is because many seniors are understandably sensitive about their ability to handle their own affairs. After all, they likely spent a lifetime taking care of themselves through the good times and the bad, and it may come off as insensitive to suggest that their mental capacity has deteriorated in any way. The challenge of many of these conversations is one reason why many local residents may put off ensuring their loved ones financial security until it is too late.
This is a mistake. While there may be no way to completely get around some of the challenges of these conversations, they are mandatory nonetheless. In fact, new research into the causes of senior financial exploitation might actually make these conversations a bit more tolerable. That is because brain researchers are finding that susceptibility to scams is not necessarily related to mental capacity but changes in the way the brain operates in old age.