Financial exploitation is an issue that demands financial institutions’ attention. Thieves especially target older Americans (those over 50), with good reason – these customers own two-thirds of all bank deposits. An estimated 1 in 5 older Americans are victims of financial exploitation. Executives and managers may believe that the additional training, manpower, and corporate focus on this issue may not deliver the return on investment that other initiatives can provide. As we celebrate the 12th anniversary of World Elder Abuse Awareness Day we applaud the leadership of many financial institutions that have voluntarily developed simple yet effective solutions to fight exploitation. Financial institutions like First Financial of Texas, Suncoast Credit Union, Barclays UK, Lloyds of London, and Bank of American Fork to name a few are making dedicated efforts to fight financial exploitation because it makes good business sense. One small community bank prevented an estimated $1 million in losses in just one year. In addition, fighting exploitation often results in positive press coverage for financial institutions. A new AARP report, “Join the Fight: Why Financial Institutions Should Fight Exploitation and Protect Savings,” presents the business case for anti-exploitation efforts. Using these principles banks can learn that fighting exploitation is good for business and for their older customers.
Happy Tuesday, MarketWatchers! Check out these top stories in personal finance.
This adviser says not to buy long-term-care insurance — and to do this instead
George Gagliardi argues that soaring premiums make the product unaffordable for many pre-retirees and retirees.
5 reasons NOT to shop at Aldi — and one big reason why you should
How to make the most of shopping at Aldi, which could be coming soon to your neighborhood.
Why so many small private colleges are in danger of closing
These refugees graduate college at a higher rate than American-born students
Instagram users admit they’ve created the most narcissistic social network on the planet
College students would give up their friends’ privacy for free pizza
Court smacks down Feds’ attempt to delay ruling on student debt relief for single mom
How should parents divide their assets between their children and stepchildren?
This man’s father-in-law is wealthy, but he is not married to his wife’s mother.
Elsewhere on MarketWatch
Yellen may be ‘forceful’ in press conference when defending Fed’s interest rate path
Fed chief Janet Yellen will use her press conference to push back on the market’s skepticism about the economy, and the central bank’s plans to continue raising rates.
Kocherlakota says Fed shouldn’t hike rates in June — and it should grow, not cut, the…