Elder Financial Abuse Awareness: Are You Doing Enough to Protect Your Elder Customers?
An Overview of the Current Resources and Regulatory Guidance Related to Elder Customer Protection
Statistics from the U.S. census bureau show that by 2030, all baby boomers will have reached the age of 65. In other words, one in every five Americans will be of retirement age by 2030. This unprecedented growth in the U.S. senior population will have implications within the financial services industry, as customers at the retirement age are more susceptible to financial exploitation and abuse. Many U.S. authorities and regulatory bodies have published guidance, rules, and regulations related to protecting elder customers from such risks in an attempt to mitigate this concern. Institutions handling elder customers’ accounts must be aware of these requirements and take necessary actions to ensure they are complying with those rules and regulations.
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