Nearly half (48%) of U.S. 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, according to the report’s findings.
The report compares 2014 and 2023 surveys of U.S. adults ages 18-49 and ages 50 and older, which revealed generational differences in banking practices, financial exploitation experiences and desire for industry protections. Among those who experienced exploitation, three in five (61%) adults older than 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.
Sixty-three percent of people over 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 ages 50 and older 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.
