Just in time for Hispanic Heritage month, "Money Smart for Older Adults" (MSOA) Version 2.0 is now available in Spanish. The MSOA educational program is an easy-to-use resource for older people, caregivers, and service providers, produced by the Federal Deposit Insurance Corporation (FDIC) and the Bureau of Consumer Financial Protection. The instructor-led curriculum has new topics and fresh graphics to help older adults and their caregivers recognize and prevent fraud, scams, and other types of elder financial exploitation.
Older adults are prime targets for fraudsters
Elder financial exploitation happens when someone uses older adults’ resources improperly or deprives them of their benefits, resources, belongings, or assets. Older people are attractive targets for fraud and scams. Some may be especially vulnerable due to isolation, cognitive decline, physical disability, language barriers, or health problems. While financial fraud against older adults is widespread, few cases come to the attention of adult protective service or law enforcement responders.
The MSOA program raises awareness of common frauds and scams and encourages older people to prepare for the loss of the ability to manage their finances. Planning ahead may actually help you stay in control because, as we age, sometimes we lose the ability to manage our own money and property.
Plan a Money Smart lesson in your community
MSOA is fully scripted and can be delivered in brief segments over time. An Instructor Guide with a corresponding PowerPoint presentation allows senior service providers, legal professionals, financial service professionals, and community volunteers to lead the presentation. The stand-alone Resource Guide is for participants to take home and use as a reference tool. All of the materials are available in English and Spanish and printed in large print to make it easy to read.