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Older adults and fraud: Suggestions for policy and practice

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  • Olivia DaDalt

    (Research Associate, MIT AgeLab, Massachusetts Institute of Technology, Cambridge, MA 02139-4307)

Abstract

In this study I examine the issue of the vulnerability of older adults especially with regard to be a potential victim of economic fraud. A general review of current facts and figures suggest that financial fraud against older adults is rising across U.S.A totaling $36 billion. Unfortunately, most of the older adults are the baby boomers’ generation, who grow up in a relative peace and prosperity condition while facing much difficult financial realities in their old life. Result also suggest the intensity of facing financial frauds by older adults are correlated with their low level of financial literacy. Given the wider context of this phenomenon, I propose some policy measures to safeguard the financial interest of the older adults.

Suggested Citation

  • Olivia DaDalt, 2016. "Older adults and fraud: Suggestions for policy and practice," Journal of Economic and Financial Studies (JEFS), LAR Center Press, vol. 4(3), pages 38-44, June.
    • Handle: RePEc:lrc:lareco:v:4:y:2016:i:3:p:38-44
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    References listed on IDEAS

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    1. Keith Jacks Gamble & Patricia A. Boyle & Lei Yu & David A. Bennett, 2015. "Aging and Financial Decision Making," Management Science, INFORMS, vol. 61(11), pages 2603-2610, November.
    2. Keith Jacks Gamble & Patricia A. Boyle & Lei Yu & David A. Bennett, 2015. "How Does Aging Affect Financial Decision Making?," Issues in Brief ib2015-1, Center for Retirement Research.
    3. Rajagopal, 2015. "Social Psychology of Consumers," Palgrave Macmillan Books, in: The Butterfly Effect in Competitive Markets, chapter 9, pages 223-247, Palgrave Macmillan.
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    Cited by:

    1. Zheng, Hairong & Li, Qinghai & Xia, Chuanxin, 2024. "Does financial literacy contribute to facilitating residents in safeguarding their rights as financial consumers?A three-stage study based on the perspective of “fraud” phenomenon," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 720-735.
    2. Fedele, Alessandro & Tonin, Mirco & Valerio, Matteo, 2024. "Phishing attacks: An analysis of the victims’ characteristics based on administrative data," Economics Letters, Elsevier, vol. 237(C).
    3. Li, Peng & Li, Qinghai & Du, Shanxing, 2024. "Does digital literacy help residents avoid becoming victims of frauds? Empirical evidence based on a survey of residents in six provinces of east China," International Review of Economics & Finance, Elsevier, vol. 91(C), pages 364-377.

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