Half of U.S. Adults Targeted for Financial Exploitation

Half (48%) of American adults report having been a victim or intended victim of financial exploitation in the past, according to a new report from AARP.

While adults ages 18 to 49 are more likely than older adults to lose money from financial exploitation, older adults are more likely to lose larger amounts.

"Over the past decade, criminals have become increasingly sophisticated, posing new risks to the hard-earned savings of American adults," said Jilenne Gunther, national director of AARP's BankSafe Initiative.

"Our data shows that older adults find age-friendly banking services and a highly skilled workforce substantially more appealing than they did ten years ago."

The report compares 2014 and 2023 surveys of U.S. adults ages 18-49 and ages 50 and older, which reveals generational differences in banking practices, financial exploitation experiences and desire for industry protections.

Key Findings

• Among those adults who experienced exploitation, three in five (61%) adults 50+ were more likely to have expressed greater trust in their financial institution based on how it handled the situation, compared with just 41% in 2014.

• Nearly two-thirds (63%) of adults 50+ bank online or via a mobile application at least weekly, but adults 18-49 are two-and-a-half times as likely to do so daily.

• More than nine in 10 (92%) adults 50+ want the employees of their financial institution to be trained to recognize and stop financial exploitation, up from 85% in 2014.

• Seven in 10 (67%) adults are at least somewhat more likely to use a bank or credit union recognized for having taken proven steps to prevent financial exploitation.

The report accompanies the launch of AARP's BiteSized BankSafe, the first in a recurring series of new resources for frontline employees at financial institutions.

BankSafe's resources are developed by AARP alongside regulatory and industry collaborators, and BiteSized BankSafe was designed to align with forthcoming recommendations from the Federal Trade Commission's Stop Senior Scams Act Advisory Group.

The resulting plug-and-play package arms institutions with new videos, tip sheets, social media content, internal communications tools and more that complement Bank-Safe's award-winning training platform by keeping emerging trends and effective prevention strategies top-of-mind for employees year-round.

More information about AARP's BankSafe free intervention platform for the financial industry can be found at aarp.org/banksafe.