Financial Wellness Resources

Commission on Law and Aging

The ABA's website, Commission on Law and Aging, has information on capacity assessment, dispute resolution and mediation, elder abuse, emeritus pro bono, equal access to justice, ethics and counseling older clients, guardianship law and practice, health care decision making, international rights of older persons, long term services and supports, Medicare, voting, and cognitive impairments.

The Many Faces of Caregivers: A Close-Up Look at Caregiving and Its Impacts

Transamerica Institute's new research report, The Many Faces of Caregivers: A Close-Up Look at Caregiving and Its Impacts, is its first-ever collaboration between Transamerica Center for Retirement Studies and Transamerica Center for Health Studies. Transamerica Institute survey of 3,000 non-professional family caregivers nationwide provides a deep understanding of caregivers’ duties and the impact caregiving has on the personal health, well-being, employment, finances and retirement preparations of caregivers.

The Journey of Caregiving: Honor, Responsibility and Financial Complexity

The Journey of Caregiving is a collaboration between Merrill Lynch and Age Wave on a new research initiative to gain a greater understanding of the experiences and challenges people face during different life stages.

2017 Annual Cost of Care Survey

The 2017 Genworth Cost of Care Survey is the foundation for long term care planning. The website provides a calculator to estimate the cost of care provided at home or in a facility. The survey covers 440 regions in the United States and based on data collected from more than 15,000 completed surveys.

Managing Someone Else’s Money

To assist financial caregivers, the Consumer Finance Protection Bureau (CFPB)  created an easy-to-understand guide with information on the fiduciary's responsibilities and tips on how to spot financial exploitation and avoid scams. The guide includes a section of relevant agencies and service providers to go to for help.

Tools for Financial Security in Later Life

These resources aim to help older adults and their caregivers navigate some of the important decisions that can affect later-life financial security, including managing debt, planning for later-life financial security and understanding reverse mortgages.

Valuing the Invaluable 2015 Update: Undeniable Progress, but Big Gaps Remain

Part of the Valuing the Invaluable series on the economic value of family caregiving, this report udpates national and individual state estimates of the economic value of family caregiving. The report also explainst the key challenges that family caregivers face, highlights key policy developments for family caregivers since the last Valuing the Invaluable report was released in 2011, and provides policy and research recommendations to better support caregiving families.

PROTECTING SENIORS FROM FINANCIAL ABUSE

Advice from the FDIC on protecting seniors from the financial abuse, plus options to protect assets and guidance on preparing for the financial decisions if one becomes incapacitated. 

FEDERAL TRADE COMMISSION'S CONSUMER INFORMATION

The Federal Trade Commission site for consumer information concerning money and credit, homes and mortgages, health and fitness, jobs and making money, privacy, identity and online security and scams. 

Report and Recommendations: Fighting Elder Financial Exploitation through Community Networks

The report presents CFPB's recommendations to existing community networks and key stakeholders to develop and enhance their community's collaborative efforts to fight financial exploitation. Accompanying this report is a resource guide with promising practices, sample documents, and resource materials.

Planning for Retirement: Before You Claim

The Consumer Financial Protection Bureau website contains information to prepare for retirement, estimating your benefits calculator and information for claiming Social Security.

Fair Lending  Report of the Consumer Financial Protection Bureau

This report gives a summary of CFPB's work in Fair Lending in  2016. The report covers supervision and enforcement activity for mortgage lending activities, auto lending, credit card market and small business lending.

National Education and Resource Center for Women and Retirement Planning

The National Education and Resource Center on Women and Retirement Planning aims to provide women with access to a one-stop gateway that integrates financial information and retirement planning, health, and long-term care resources through Older Americans Act of 1965 (OAA) programs.

Trick$ of the Trade: Outsmarting Investment Fraud film

Trick$ of the Trade: Outsmarting Investment Fraud was developed by the FINRA Investor Education Foundation, in partnership with AARP. Utilizing compelling stories of victims and perpetrators, this hour-long, award-winning documentary uncovers the persuasion tactics that con artists use to defraud their victims and the basic tools investors can use to defend against fraud.

Con'Em If You Can

Con'em  If You Can is an interactive game developed by the FINRA Investor Education Foundation and Commonwealth to help players learn how to spot and avoid investment fraud.

Serve Our Seniors

The Serve Our Seniors webpage is an initiative of the North American Securities Administrators Association. The website was developed to provide resources for older adult investors, family caregivers, professionals in the securities industry, and policymakers.

National Resource Center on Women and Retirement Planning

The WISER website contains links to publications on money and retirement, caregiving, elder financial abuse, financial decision making, and minority women and retirement income.

Making Rent Count: How NYC Tenants Can Lift Credit Scores and Save Money

This report from the office of the New York City Comptroller Scott M. Stringer offers a first-of-its-kind estimate demonstrating how reporting rent payment information to credit bureaus could help lift credit scores across the city. The report offers policy recommendations that couples new financial opportunities and consumer protections including: empowering tenants to report their rent, rent reporting for public housing, give rent more weight in credit, safeguarding renters in housing court, protections for prospective renters, giving consumer access to their scores and helping consumers cultivate credit.

LISC study: Employment and Financial Services Help Low-Income People Make Progress

LISC researchers recently analyzed outcomes from 40,000 people who visited Financial Opportunity Centers (FOC) all across the country as a way to improve their economic circumstances. The data show that those who took advantage of bundled services that focused on employment, income supports and financial management skills made significant, lasting progress-with incomes expanding by an encouraging 76%.

Meeting People Where They Are: Five Lessons for Integrating Financial Capability Services

The report from Prosperity Now is written for community-based organizations that provide direct services and want to learn more about successful strategies for integrating financial capability services into their existing programs. 

AARP’s SCAMS AND FRAUD PROTECTION RESOURCES

Check out AARP's Scams and Fraud website for up-to-the-minute alerts, news, and a scam-tracking map. 

Prevalence of Financial Fraud and Scams among Older Adults in the United States: a Systematic Review and Meta-Analysis

Knowledge of the prevalence of elder financial exploitation is mostly limited to the category of financial abuse, which occurs in relationships involving an expectation of trust. Little is known about the other major category of elder financial exploitation - elder financial fraud and scams, which is perpetrated by strangers. A valid estimate of elder financial fraud-scam prevalence is necessary as a foundation for research and prevention efforts.

Report and Recommendations: Fighting Elder Financial Exploitation through Community Networks

Through nationwide research, CFPB conducted a focused inquiry on elder financial protection networks' objectives, structure, leadership, funding, members, activities and challenges. The report presents CFPB's recommendations to existing networks and key stakeholders to develop and enhance their community's collaborative efforts to fight financial exploitation.

Older Americans are not alone in the fight to stop financial abuse

The blog from CFPB encourages older adults to work with their banks or credit unions to protect themselves from financial exploitation. Canan and Karp (2016) provide the following tips: report abuse to the bank or credit union if fraud is suspected, consider giving a trusted relative or friend access to monitor transactions, ask about convenience or agency accounts, create a power of attorney or advance plan, and ask the financial institution about educational materials and events.

Money Smart for Older Adults: Prevent Financial Exploitation, Participant Resource Guide

Money Smart for Older Adults is a module designed for older adults with information in planning for a more secure financial future, how to guard against identity theft and other forms of financial exploitation as well as how to prepare financially for unexpected life events and disasters.

NASAA  Model Act To Protect Vulnerable Adults From Financial Exploitation 

This webpage contains information about the NASAA Model Act to Protect Vulnerable Adults from Financial Exploitation. The website contains the full text of the Model Act, legislative text and updated commentary for the 2018 legislative season, and legislative update center.

Guarding the Guardians: The Red Flags of Guardian Financial Abuse

The document provides signs to watch for if you feel a guardian is financially abusing an older adult.

Money/ Consumer Protection Fraud Watch Network

The AARP Fraud Watch Network provides information on consumer protection, resources, and tips on protecting oneself against scams, fraud and abuse.

Understanding and Combating Investment Fraud

This working paper, authored by FINRA Foundation staff, is part of a collection of research titled “Financial Decision Making and Retirement Security in an Aging World,” prepared by Wharton’s Pension Research Council and published by Oxford University Press in October 2017. The FINRA Foundation’s chapter reviews the dynamics of investment fraud victimization, explains how fraudsters use social influence tactics to defraud their victims and describes current investor protection efforts.

Elder Fraud is on the Rise: Is a Con Artist Targeting Someone You Love?

The website from Merrill Lynch provides information about protecting oneself and your loved ones from fraud and scams.

Report Fraud

SaveandInvest.org provides information on reporting fraud. The website includes links and resources to reporting investment fraud, identify theft, mortgage and lending fraud and mass marketing fraud.

Regulatory Notice Senior Designations

This report outlines the SEC approved adoption of FINRA Rule 2165 which permits a temporary hold on disbursements of funds from accounts of specified customers where there is a reasonable belief of financial exploitation and FINRA Rule 4512 which requires members to make reasonable efforts to obtain the name and contact information for a trusted contact person for a customer's account. These rules are effective Feb 15, 2018.

National Center on Elder Abuse

The NCEA provides the latest research, training, best practices, news and resources on elder abuse, neglect and exploitation to professionals and the public.

Elder Justice Initiative

The mission of the Elder Justice Initiative is to support and coordinate the Department’s enforcement and programmatic efforts to combat elder abuse, neglect and financial fraud and scams that target our nation’s older adults.

Elder Justice

The U.S. Department of Health and Human Services website includes information and links on fraud prevention, elder abuse, identifying financial scams, discrimination, legal assistance, and housing issues

Social Support Can Diminish Effects of Elder Abuse

The research summary by Park and Mulford found that elder mistreatment has a long lasting impact on a range of health and mental health issues and that the level of social support someone perceives to have in their life seems to be protective against the effects of elder abuse.

Interagency Guidance on Privacy Laws and Reporting Financial Abuse of Older Adults

 The report clarifies that reporting suspected abuse of older adults to appropriate local, state, or federal agencies does not, in general violate the privacy provision of the Gramm-Leach-Bliley Act (GLBA). The privacy provision of the GLBA permits the sharing of suspected exploitation of financial abuse without complying with notice and opt-out requirements.

Be Vigilant about Scams and Fraud Involving Elder Clients

The article describes ways advisors can educate and protect their older clients from financial elder abuse, fraud and scams. The articles describes common forms of scams that advisors should be aware of: getting a call from the IRS asking for payment, getting a call from a computer technician warning customer of virus in their computer, being a lottery winner, receiving a call about a kidnapped grandchild.

Declaring War on Financial Abuse of Older People

The article describes the steps states and regulatory agencies are taking to address financial abuse targeting older adults. 

Senior Investors

Financial exploitation of older adults is a serious and growing problem. FINRA’s Securities Helpline for Seniors highlighted issues relating to financial exploitation of this group, including the need for members to be able to move quickly and effectively to address suspected financial exploitation of older adults and other specified adults.

National Senior Investor Initiative

This report highlights recent industry trends that have impacted the investment landscape and prior regulatory initiatives that have concentrated on older adult investors and industry practices related to senior investors.

Memorandum on Financial Institution and Law Enforcement Efforts to Combat Elder Financial Exploitation

This report outlines the role of financial institutions, collaboration among financial institutions, law enforcement and APS, as well as law enforcement's use of suspicious activity reports (SARs) in protecting older adults from elder financial exploitation.

Health Concerns Not Taken Seriously- Infographic

The infographic created by Transamerica Center for Retirement Studies and Aegon Center on Longevity and Retirement explains health-related attitudes and behaviors in older age.

BankSafe Safeguards Against Exploitation

The webpage contains information on the AARP initiative BankSafe, including links to promising practices, resources and research.

Age-Friendly Health Systems: Their Time Has Come

This article suggests that there is an urgency to address a challenge facing our country and the world: How do we apply what we know is effective in improving quality of life, quality of healthcare, and safety as we age successfully? The urgency and opportunity result from the confluence of an aging society, longevity, and the antiquated health policy structure of Medicare and Medicaid. The triple aim - improving the experience of care, improving the health of populations, and reducing per capita costs of health care - affords the field of geriatrics a golden opportunity to be a major force in achieving these goals.

National Institute on Aging

NIA, one of the 27 Institutes and Centers of NIH, leads a broad scientific effort to understand the nature of aging and to extend the healthy, active years of life. NIA is the primary Federal agency supporting and conducting Alzheimer's disease research. The website also includes information on caregiving, cognitive health, doctor-patient communication, end-of-life and physical activity.

Support for People with Dementia, including Alzheimer’s Disease

This resource outlines the Alzheimer's Disease Support Services Program (ADSSP) which supports state efforts to expand the availability of community-level support services to persons with Alzheimer's disease and related disorders and their caregivers.

Whealthcare

The website contains information about whealthcare, a term coined by Dr. Jason Karlawish to describe the paradigm of merging the banking and financial sector. The website includes information about Dr. Karlawish, video presentations and articles describing the work and research of Dr. Karlawish.

Penn Memory Center

The Penn Memory Center website provides information on patient care, research, education, and programs and services for patients and their families experiencing cognitive decline.

Aging with Dignity: A Blueprint for Serving NYC’s Growing Senior Population

This report  analyzes the condition in which New York's older adults live and looks at the senior-focused programs and services run by the City of New York, in some cases down to the neighborhood level. The Office of the Comptroller makes policy recommendations to ensure older adults can age in New York City. The office recommends: Creating safe, healthy, and affordable housing options to age in place, develop livable communities, and support the well-being of older New Yorkers. 

The Silver Economy as a Pathway for Growth: Insights from the OECD-GCOA Expert Consultation

The Organization for Economic Cooperation and Development and the Global Coalition on Aging convened an expert consultation to develop concrete solutions and accelerate innovation around creating a Silver Economy where aging populations are part of the economic growth equation. The summary report from the consultation identifies possible solutions, captures views on key issues, and develops concrete ideas for a reinvented view of how society can optimistically address the challenges presented by the world's aging population.

Laying the Groundwork for More Efficient Retirement Savings Incentives

The articles describes challenges people face in building retirement savings and policy recommendations  to address this challenge. To assist lower-income workers or workers that are employed by companies that do not offer retirement plans, Dr. Ghilarducci recommends Making the Saver's Credit fully available to lower income households, establish and expand progressive savings match, simplify retirement savings incentives  by streamline rules, limit the automatic increases of tax deductions and create simple, low-cost, and low-risk options for people to save for retirement outside of employer plans.

Wishful Thinking or Within Reach? Three Generations Prepare for "Retirement" (18th Annual Transamerica Retirement Survey of Workers)

TCRS' 18th Annual Retirement Survey Report, Wishful Thinking or Within Reach? Three Generations Prepare for Retirement, found that many are not adequately planning and saving for the long retirements they envision. The report offers recommendations for workers to help them get on track.

The Nation's Retirement System: A Comprehensive Re-evaluation Is Needed to Better Promote Future Retirement Security

According to the U.S. Government Accountability Office, many households have limited retirement savings or understand how to manage their own retirement accounts. GAO has found three major challenges in establishing a retirement savings plan: access, accessing retirement plans through their employers, saving, accumulating sufficient retirement savings and retirement: ensuring accrued savings and benefits last through retirement.

Inadequate Retirement Savings for Workers Nearing Retirement

Dr. Ghilarducci et al. (2017) describe the need to establish a universal supplement to Social Security. Without the universal supplement, many workers will face declining living standards or poverty in 10 years.

401(k) Tax Policy Creates Inequality

The policy brief argues that  the current system of tax deferral for retirement contributions undermines public policy aimed at strengthening retirement security and has contributed to inequality.

How to Retire with Enough Money

Dr. Ghilarducci (2015) in her book, How to Retire with Enough Money  describes ways to make your money grow, paying off loans and mortgages, saving before retirement, and what to expect from Social Security.

Age Smart Employer NYC Compendium of Strategies and Practices

The report provides a review of best practices considered to be age-smart in several key workplace domains; all practices considered are currently in use by major employers. The practice areas reviewed in this report include recruitment, training, and professional development, management training and tools, wellness programs, and financial and retirement planning.

2017 Workplace Benefits Report: Insight for Employers to Drive Employee Engagement and Empower Them to Live Their Best Financial Lives

In the 2017 Workplace Benefits Report, Bank of America Merrill Lynch talks to employers and employees about retirement readiness and larger financial wellness topics. The report examines how employees feel about their financial situation and the role employers play in supporting their overall financial wellness.

Supporting Working Caregivers: Case Studies of Promising Practices

Supporting Working Caregivers examines how employee benefits for family caregivers have changed since ReACT's 2012 Best Practices in Workplace Eldercare and describes what "promising practices" look like today—based on in-depth interviews with 14 organizations. The case studies include examples from both the for-profit and nonprofit worlds, and both very large employers as well as very small ones.

Determining the Return on Investment: Supportive Policies for Employee Caregivers

Determining the Return on Investment organizes and summarizes the available evidence published in the last two decades on the costs and benefits of family caregiver support policies, and provides a ROI calculation on those policies from an employer perspective. The analysis summarizes the peer-reviewed literature and technical reports by government agencies or industry associations and is restricted to studies with a robust design that allows quantifying the impact of a policy from a business perspective.

Supporting Working Caregivers: Case Studies of Promising Practices

This report examines what’s changed over the past five years in trends and innovations in policies and practices to support employees with caregiving responsibilities for older adults and describes what “promising practices” look like today — based on in-depth interviews with 14 organizations.