Financial scams abound around the holidays, and it has long been known that the elderly are more vulnerable. Research published this month suggested that age-related changes in the brain make it harder to detect suspicious body language and other warning signs that people may be untrustworthy.
But age alone is not a key factor in predicting decision-making ability, another study suggested Tuesday. Among healthy adults in their 50s through 70s, researchers found no diminished cognitive skills; strategic learning capacity may actually increase with age, they say.
"Age is not a disease. Noticeable drops in mental decline warrant medical attention," says Sandra Chapman of the Center for BrainHealth at the University of Texas-Dallas. It did the research with the University of California-San Francisco, in partnership with the MetLife Mature Market Institute.
Still, financial exploitation of the elderly has reached epidemic proportions, says Sandy Markwood, CEO of the National Association of Area Agencies on Aging. Such crimes, including telemarketing scams, identity theft, fake checks and home repair fraud, cost an estimated $3 billion a year, she says, up 12% from 2008.
About 55% of cases involve a family member, Markwood says.
That's what happened to Lidia Coito, 90, who says she had no reason not to trust her great-niece, Rita Wynegar, when she said the firm managing Coito's money was charging too much. Coito, who has no children and whose husband died in 2002, gave Wynegar control of her finances.
The York County (Pa.) Area Agency on Aging investigated when officials heard Coito was about to be evicted from her assisted-living facility for unpaid bills. In October, Wynegar pleaded guilty to theft and was ordered to repay Coito $240,000.
The brain study out this month, financed by the National Institute on Aging, found that older people may fail to interpret an untrustworthy face as potentially dishonest. "Baby Boomers, Gen Xers and Millennials are all going to face this as they age," says UCLA psychology professor Shelley Taylor, lead author.
But knowing when to step in and help can be tricky, Markwood says.
"We hope during this holiday season families will check in with older relatives to be sure their finances are in good order." The online ElderCare Locator (N4A.org) has tips on signs that can indicate problems and advice about where to turn for help.
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