WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) and the Federal Deposit Insurance Corporation (FDIC) today announced the joint release of an enhanced version of the award-winning financial education curriculum, Money Smart for Older Adults. The enhanced version includes a new section to help people avoid “romance scams” and an updated . The enhancements to Money Smart for Older Adults are based on stakeholder feedback and recent research conducted by the FDIC and CFPB for this collaborative effort.
Romance scams commonly occur when a scammer creates a fake profile on a dating site or app, strikes up a relationship with a target, and asks for money. According to the reported romance scam losses in 2020 reached a record $304 million, up about 50 percent from 2019. People ages 40 to 69 are the most likely to report losing money to romance scams. People age 70 and older reported the highest individual median losses at $9,475. Some romance scams also happen in person. These can involve older adults who are socially isolated or dependent on others to assist them. The scammer can be a person they meet at places such as church, community centers, or in social groups.
Money Smart for Older Adults is a free curriculum that includes an instructor guide with presentation content, speaker tips, hands-on activities, presentation slides, and a resource guide for participants. The resource guide can also serve as a stand-alone handout for distribution to libraries, senior centers, senior housing centers, and at senior information fairs and other events. All materials are provided free of charge and can be ordered in bulk for community-wide distribution.
The FDIC’s Money Smart curriculum is celebrating its 20th anniversary this year. To become a Money Smart trainer, visit the FDIC’s . While there, you can sign up to become a member, where you can learn about, and share, promising delivery approaches. You can also sign up for a free webinar on July 22 at 2:00 p.m. ET to receive training.
CFPB Michael Robinson 202-435-9327
FDIC Julianne Breitbeil 202-340-2043
The Consumer Financial Protection Bureau (CFPB) is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. For more information, visit www.consumerfinance.gov.