Age-Associated Financial Vulnerability

Read this blog even though you don’t want to. Especially if you or your parent is over 65 or living alone. Age Associated Financial Vulnerability is a real thing and it affects intelligent, independent people. The Consumer Financial Protection Bureau puts the cost of elder financial exploitation as high as $36 billion a year.


If you are or you know anyone over 65 you know about the exploitation part. Those calls that come many, many times a day and at increasingly unorthodox hours of the day. Why are older Americans targeted? Because they hold a large percentage of the wealth. Some estimates have the over age 50 population holding as high as 83% of America’s wealth. And as we age, we become more vulnerable. It’s as simple as that.


If you think you are not a likely candidate for fraud, think again. Victims are not who you think they are. They are high functioning seniors and often test as “normal “on cognitive function assessments. It’s complicated. You can check out the report Brains and Losses at marketplace.org. It has to do with changes in our brains as we age. How we process information when we are in emotional states. That includes being angry (at the caller), being scared or just being a nice person. Scammers know how to exploit our emotions.


Bottom line, living alone increases susceptibility because, when you are alone you don’t have that close contact to hash over a call or contact you receive. Prevention is the key. If you are living alone, open up to someone you trust. If you have a parent or relative living alone check in on them regularly. Don’t judge. Make yourself available. Ask your parent what they know about scams. Teach your parent how to screen calls. 


Being susceptible does not mean an older person needs to go to a nursing home or lose independence. It does mean both the aging and those who love an older person need to be on their toes, maintain close contact, and have open conversations. 


Some ideas about setting hard and fast lines of defense will follow in a later blog at this site. 


www.smithfamilycares.com

Smith Family Funeral Homes provides quality funeral, memorial and cremation services to the families of Central Arkansas. Their six locations can be found in Little Rock, North Little Rock, Westbrook, Sherwood, Benton and Arkadelphia. With a privately-owned crematory operated by licensed professionals, Smith Family Funeral Homes can guarantee their high standard of care throughout the cremation process. To learn more, visit smithfamilycares.com.

What’s the Benefit of Paying for My Funeral in Advance?

By Smith Family • February 5, 2025
Planning for your end-of-life ceremony, your funeral, has many benefits. Some of them are practical, some are emotional, and some are financial. For some, planning in advance actually helps them live a better, more purpose-driven life.

Eating Alone Is Hard

By Smith Family • February 5, 2025
For a person who has lost a life partner, a husband or a wife, mealtime is often the most challenging time of their day. It is sometimes difficult to muster the desire or skill necessary for meal preparation. Sometimes it is just hard to deal with the expanse of the table when no one else is sharing the space. So, it becomes too much trouble to cook for one or to eat alone.

Does Everyone Go Through the Five Stages of Grief?

By Smith Family • January 6, 2025
What does grief look like? It’s a question that’s been asked for centuries, and it’s difficult to answer because grief looks different to different people. But we’ve often been told that the grieving process follows a certain path, which is commonly called the five stages of grief. Does everyone go through the five stages? And if they don’t, how do they know if they’re grieving properly?

Attention to Detail Matters in a Funeral Director

By Smith Family • January 6, 2025
When you work with a funeral director, you’ll quickly find that they don’t just look at the big picture. They want to know details, from how you want your loved one to look to how you want some of their most precious items to be featured. Here are just a few of the details that a funeral director needs to know to ensure that they plan a funeral that’s perfect for your loved one.

Dealing with Grief on the Anniversary of a Loved One’s Passing

By Smith Family • January 6, 2025
There are many days throughout the year that remind us of our loved ones who are no longer with us physically. We find ourselves thinking of them on their birthdays, special holidays, or anniversaries. The anniversary of their passing can be an especially difficult day. Experiencing grief on this day is natural, but it can be overwhelming and painful. Here are a few tips to help you get through this challenging day.

Why Have a Funeral Service

By Smith Family • January 6, 2025
When a loved one passes, one of the first questions that often gets asked is when the funeral will be held. It’s assumed that a funeral will be the way in which family and friends say a final farewell, but do you have to have a funeral? While no law makes it so that you have to hold a funeral in a loved one’s honor, you may want to consider what you could miss out on when you decide against a funeral.

How Has Technology Changed Funeral Service

By Smith Family • November 25, 2024
Technology changes everything. Back in the 1980s, who would have imagined that we’d all have miniature computers sitting in our pockets all the time? And who could have known decades ago that we’d be able to simply type all our questions in a little bar and immediately get thousands of answers?

Details Matter in Funeral Service – You Only Get One Chance to Get it Right

By Smith Family • November 25, 2024
When we attend funerals, we don’t often think about what went into planning them. We only recognize how overwhelming the process can be until we’re the ones doing the planning. Let’s take a look at some of the crucial details you’ll need to address when preparing for a funeral.

The First Thanksgiving Alone

By Smith Family • August 23, 2024
Thanksgiving looks different to all different kinds of families, but it can also look different year after year. As family members grow up and have their own families, Thanksgiving celebrations may shrink. And as time goes on, the passing of family members can make those smaller Thanksgivings even more emotional. There may come a day when your Thanksgiving will be celebrated alone, which can trigger feelings of grief and loss. How can you navigate a Thanksgiving spent alone? There’s no wrong way, as long as you’re taking care of yourself.

Honoring Military Heroes on Veterans Day

By Smith Family • August 23, 2024
Veterans surround us every day, even if we don’t know it. They could be a grandparent, a coworker, a neighbor, or another person who’s a part of our daily lives. These people missed milestones with their families. They may have missed their child’s first steps. Perhaps they missed their first anniversary with their spouse. And they may have watched some moments that will stay with them forever.
More Posts
Share by: