Protecting Your Older Loved Ones from Financial Scams
Learn how you can protect your loved ones financial abuse and how to minimize the damage if it happens!
Financial Scams and Protecting Your FamilyA few years ago, my husband’s nana had sent over money to a scammer pretending to be him.
She had thought he needed help and so she generously sent it in.
It was a wake call for us . After looking into this and talking with others, our family isn’t the only one who’s had to deal with this.
Last year, a record 24,454 suspected cases of elder financial abuse were reported to the US Treasury Dept by banks.
I can’t tell you for certain why they’re being targeted, but there are two key factors to consider.
By 2030 US Census Bureau estimates 1 in 5 people will be 65 or older.
Two, there’s a significant amount of money tied to our older friends and family.
According to the American Bankers Association, 70% of bank deposits are with people over 50.
So you have a growing and market that is appealing to scammers.
So what can we do to protect our grandparents, parents, and other older loved ones?
Today Joe Mecca from Coastal Credit Union is back.
In this episode, we’ll discuss:
- What financial scams are out there
- Warning signs and What to look out for with your loved ones
- How your bank or credit unions should be protecting you
Hope this helps!
If you want to hear more from Joe and find out more about credit unions please check out my interview here.
We discuss how credit unions can be a better option for couples looking to grow their wealth.
Resources to Win with Your MoneyWant to go ahead and tackle your big marriage and money goals? Here are the resources we mentioned in today’s episode along with some extras!
- 3 Critical Ways to Prevent Elder Financial Abuse
- Scamming Grandma: Financial abuse of seniors hits a record
- Best Budget and Money Apps: Personal Capital, Tiller, Mint
- Grow Your Stash Faster: High Yield Savings with CiT Bank
- Automatic Saving: Qapital
- Jumpstart Your Marriage and Your Money
Thank you so much for listening to the podcast!
- Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
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- Grab a copy of Jumpstart Your Marriage and Your Money. My book is designed for a busy couple to set up their finances in 4 weeks. Get tips and tools that have worked for other couples on their journey of building their marriage and wealth together!
Like the music in this episode? Our theme song is by Gentle Regime. Additional music by Lee Rosevere.