The Money Smart for Older Adults training program – also referred to as “MSOA” – is a special educational endeavor which was created by the collaboration of the Consumer Financial Protection Bureau and the FDIC.

The curriculum contains an abundance of information and a multitude of resources that will instruct the elderly and/or their caregivers on various types of financial issues and decisions.

The lessons contained within the program include topics such as financial fraud, money-based scams, and financial exploitation of the elderly. We here at Somerville National Bank are consistently striving to provide our customers with the most relevant and up-to-date information on financial services and protection. Read on to learn more about this fascinating course that is sure to protect you and/or your loved ones, as well as those that you may provide caregiving services.

Financial Exploitation – A Brief Explanation

Financial exploitation is a situation where an individual or a group of people misuses or simply takes the financial assets of an elderly and/or vulnerable adult in order to personally benefit. This situation often happens without the consent and/or knowledge of the elderly and/or disabled adult.

As a result, the financial resources of that elderly and/or disabled adult are no longer available as a resource for the individual’s personal needs. The exploitation occurs in many ways. It could be through deception, harassment, threats, pretenses that are false in nature, and even duress. The most common types of exploitation include theft, fraud, real estate ventures, contractor tasks, scams, electronic measures, and investments.

The Money Smart for Older Adults course is an instructor-led program that allows the elderly and/or their caregivers to recognize potential exploitation and educates those individuals on how to avoid these types of complications.

Curriculum Topics

There are seven distinct topics that are covered in the Money Smart for Older Adults course. These include the following:

  • Financial Exploitation Types
  • Common Scams for Veterans
  • Theft of Identity
  • Theft of Identity of Medical Information
  • Homeowner Scams
  • Preparing for the Unexpected
  • Financial Preparedness in Terms of Disasters

In addition to each of the lessons presented within this training program, there is an instructor guide, a presentation made available through PowerPoint, and a comprehensive resource manual. You may download the course directly and you may order additional copies from the CFPB. Older Americans are consistently being targeted by scam artists, neighbors, friends, and even their own family members. In a time where instant gratification is the norm, we must all stand together to prevent the elderly and/or disabled adults in our nation from being hurt physically, mentally, and financially.

If you would like to learn more about protecting the financial assets of elderly and/or disabled adults, you may contact Somerville National Bank today.

Our agents are highly-educated and extremely knowledgeable on sound financial plans for the elderly, prudent investments, and protective measures that will ensure that older adults have the money that they need, when they need it most.

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