Tuesday, March 13, 2012

The Truth About Financial Elder Abuse

The 2010 Dodd-Frank Wall Street Reform and Consumer Financial Protection Act (P.L. 111-203) established a new agency in the Federal Reserve, the Consumer Financial Protection Bureau.  The Dodd-Frank reforms include major financial regulatory reforms and changes to the financial services industry.

The law established an Office of Older Americans within the Bureau to educate and inform older consumers so they can make better financial decisions.  The Office is committed to carrying out their purpose in a way that produces tangible, measurable and real-life results.

Some facts about Financial  Elder Abuse:

- Older Americans are losing an estimated $2.9 billion a year to financial abuse.
Three out of five families headed by a person over 65 do not have any money in retirement accounts.
- Women between 80 and 89 who live alone are twice as likely as men to be victims of financial abuse.

This problem is global.  The best way to combat financial abuse is to help seniors speak up and speak out about abusive and deceptive financial services.  For resources, information, or to share a story with the Office of Older Americans, please visit www.consumerfinance.gov/older-americans.