Researchers have looked at which individuals are more susceptible to financial scams. One interesting thing they found was that men and women had roughly equal levels of susceptibility. Gender does not appear to make a difference, and people can be targeted regardless of their level of income or education.
So what did make a difference? There are a few different things to consider.
Cognitive function
First and foremost, someone with lower cognitive function was more likely to be targeted by a scam. For instance, this could be an elderly person living in a nursing home while dealing with dementia or Alzheimer’s. They could be specifically targeted because this cognitive decline makes it easier for them to fall for the scam and more difficult for them to tell others what has happened.
Poor health
Additionally, people who had generally poor health conditions were more susceptible to financial scams. This included a lower level of psychological well-being. When people were struggling with psychological or physical issues, it was easier to manipulate them.
Lower financial literacy
Finally, financial literacy plays a major role. Someone who isn’t financially literate may be more likely to be scammed. For instance, it may be more difficult for them to differentiate between a legitimate investment opportunity and something that is a clear-cut online scam. They are simply vulnerable because they lack financial understanding and experience with these types of issues.
Protecting your loved ones
Are you worried that your elderly loved ones may be targeted by financial scams or abuse? If so, take the time to carefully look into all of your legal options.
