It is important to consider gender specific differences in financial literacy affecting older men and women. There is a tendency in older adult men to resist asking for help as they usually decline health care or social services, which can make it difficult to understand their needs.
Most seniors in single households are women with 36 percent are at serious risk for financial fraud. Older women are financially vulnerable to scams with 84 percent at risk due to a lack of assets obtained over their life span, lack of retirement planning and a low level of financial knowledge. In most courtiers women have fewer connections to the labor market because they delay careers due to childbearing or care-giving. Many older women have fewer resources over their lifespan to childbearing or care-giving. Many older women have fewer resources over their lifespan because they spend a large part of retirement widowed. It is important to address the worldwide problems of elder financial illiteracy while securing financial stability for seniors especially among women and the the oldest old adult. Although women experience special financial difficulties with fewer resources available, they have higher life expectancies and generally are more likely to utilize assistance.
Capacities - Defines why fraud happens to older adults and the type of individual most likely to be victimized. A typical victim of fraud is a senior who lives alone, is isolated and lonely, who answers the door to unsolicited workers and does not screen calls. This leads the senior to unknowingly participate in scams that can result in financial abuse. In addition, diminished mental capacities, including dementia and Alzheimer’s can negatively affect the financial skills of older adults. Prevention strategies and developing assessments of progressive cognitive impairments will assist victims and their families with early detection and reporting fraud.
Literacy - Suggests how older adults can prevent financial fraud and exploitation. Increased financial knowledge, advance fiduciary planning, utilizing the enhancements of the California Penal Code, and attending senior outreach programs on fraud can prevent financial abuse.
Policy - Updates from current legislation and the Elder Justice Coalition. Policy includes advocating for funding, preventative programs, reformed practices, and collaboration to improve federal, state, and community awareness in protecting seniors from financial abuse.
