It is estimated that one out of every five Americans over the age of 65 have been the victim of a financial scam.
Now, help for potential financial swindle victims has arrived. A national toll-free hotline for seniors and adult children of the elderly will be launched on November 10 to provide seniors with advice on general financial matters as well as ways to prevent becoming the victim of financial fraud. Of particular concern are seniors with mild cognitive impairment who can perform most daily functions, but have trouble with managing their finances.
The hotline is a collaboration of the National Adult Protective Services Association (NAPSA), the Financial Planning Association (FPA), the Investor Protection Trust (IPT) and the Investor Protection Institute (IPI).
The toll-free hotline will operate from 9:00 a.m. to 6:00 p.m. EST.
For general finance questions: (888-227-1776) Callers can speak to experts from the Financial Planning Association about their family financial security.
For financial abuse questions: (888-303-3297) Callers to this number will speak with an adult protective services professional about elder financial abuse and strategies for keeping themselves or older loved ones independent.
“The FPA and its members are pleased to participate in a national hotline initiative that will help protect our vulnerable senior population,” said FPA Executive Director and CEO Marvin W. Tuttle, Jr., “We applaud the Investor Protection Institute for recognizing a serious issue in our society and bringing us together to provide much needed assistance to the elderly.”