The goal of the conference was to discuss actions that members of the financial services industry can take to address the financial needs of a rapidly aging customer base.
As cognitive abilities decline, older adults may make poor financial judgments and become vulnerable to exploitation and fraud. The potential damage to individual finances as well as to the nation’s financial system will increase as the baby boom generation ages into retirement.
Industry leaders described the process of establishing programs for preventing elder fraud and financial exploitation at their institution. Trade groups and regulatory agencies shared progress reports on broad-based efforts to improve the industry’s ability to prevent financial losses and to promote the financial health of older adults with cognitive difficulties. Researchers highlighted the important role that financial data can play in the early detection of cognitive impairment and in the prevention of losses across older adults’ financial portfolios.