The Federal Deposit Insurance Corp. and Consumer Financial Protection Bureau released a training guide titled "Money Smart for Older Adults" to help banks, law enforcement and advocates of senior citizens deliver tips to older adults on preventing exploitation.
"Given the demographic trends of a large segment of our population entering into retirement age in an increasingly complicated financial world, we hope this curriculum will help older adults avoid financial abuse," FDIC Chairman Martin Gruenberg said in a conference call announcing the program along with CFPB Director Richard Cordray.
"With 50 million older people in this country and 10,000 more reaching retirement age every day, we cannot afford to tolerate financial predators or practices that victimize our elder citizens," Cordray, who helps provide care for his 95-year-old father, said in the announcement.
The Money Smart tool is one of several in a series of financial literacy guides the FDIC has produced for different demographics since 2001.
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