Marguerite DeLiema|Martha Deevy|Annamaria Lusardi|Olivia S. Mitchell
Financial Fraud Among Older Americans: Evidence and Implications
George Washington University|University of Pennsylvania
abstract objectives consequences poor financial capability older ages serious include making mistakes credit spending retirement assets quickly defrauded financial predators older persons past peak wealth accumulation often targets fraud methods project analyzes module developed fielded people aged 50 older years 2016 health retirement study hrs using data set evaluated incidence prospective risk factors measured 2010 investment fraud prizelottery fraud using logistic regression n 1220 results relatively hrs respondents mentioned single form fraud prior 5 years 50 reported least one form investment fraud 44 recounted prizelottery fraud greater wealth nonhousing associated investment fraud whereas lower housing wealth symptoms depression associated prizelottery fraud hispanics significantly less likely report either type fraud suspected risk factorslow social integration financial literacywere significant discussion fraud complex phenomenon single factor uniquely predicts victimization across different types even within category investment fraud prevention programs educate consumers various types fraud increase awareness among financial services professionals