Lured in by the promise of free lunches, big-cash prizes and high-yield investments, seniors are losing big money to bogus financial schemes and bad advice.
On average, seniors who become victims of financial abuse lose an estimated $140,500, according to a survey of 2,649 [CFP® professionals] conducted by the nonprofit organization Certified Financial Planner Board of Standards.
More than half of the [CFP® professionals] surveyed said they have worked with a senior – or multiple seniors – who has been a victim of "unfair, deceptive or abusive practices," such as misleading marketing schemes and other scams that end up draining their bank account. Read more >
August 22, 2012