The Schulter Foundation and Wintrust Sponsor Senior Financial Safety Program
With over 50 million Americans aged 62 and over, older adults are a prime targets for financial exploitation by people they know and trust as well as strangers. Financial exploitation has been called “the crime of the 21st century” with one study suggesting that older Americans lost at least $2.9 billion to financial exploitation by a broad spectrum of perpetrators in 2010.
A key factor in some cases of elder financial exploitation is mild cognitive impairment which can diminish an older adult’s ability to make financial decisions.
This epidemic is under the radar. The cases tend to be very complex and can be difficult to investigate and prosecute. Elder financial abuse can result in the loss of the ability to live independently; decline in health; broken trust, and fractured families.
Awareness and prevention is the first step.
Planning ahead for financial wellbeing and the possibility of diminished financial capacity is critical. Reporting and early intervention that results in loss prevention is imperative.
That is why the Schulter Foundation worked with Wintrust Bank on April 8 to give the Seniors at the Martha Washington, 2334 W. Irving Park Road, a program called Money Smart for Older Adults. The program is designed to provide our seniors with information and tips to help prevent common frauds, scams and other types of elder financial exploitation in our community.Download the workbook.