The CFPB and Federal Deposit Insurance Corporation have jointly launched a new financial resource tool to assist older adults and their caregivers in avoiding elder financial exploitation. Named “Money Smart for Older Adults,” the tool is a stand-alone training module that provides information on how to prevent, identify and respond to elder financial exploitation, plan for a secure financial future, and make informed financial decisions.
It is contemplated that the instructor-led module will be provided to seniors and their caregivers by financial institutions, adult protective service agencies, senior advocacy organizations, law enforcement, and others that serve this population. The module consists of a scripted instructor guide, participant/resource guide, and power point slides.
We applaud the CFPB’s and FDIC’s efforts to develop new methods for combatting elder financial exploitation using available technology.