Aging, Cognition, and Financial Health: Building a Robust System for Older Americans

Abstract: This paper summarizes a November 2017 conference cosponsored by the Federal Reserve Bank of Philadelphia?s Consumer Finance Institute and the University of Pennsylvania?s Penn Memory Center and Healthy Brain Research Center. As cognitive abilities decline, older adults may make poor financial judgments and become vulnerable to exploitation and fraud. The potential damage to individual finances as well as to the nation?s financial system will increase as the baby boom generation ages into retirement. The goal of the conference was to discuss actions that members of the financial services industry can take to address the financial needs of a rapidly aging customer base.

Keywords: financial abuse; elder fraud; financial exploitation; USA PATRIOT Act; retirement planning; cognitive decline; BSA/AML; diminished financial capacity;

JEL Classification: D18; G28; J14; G21;

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Bibliographic Information

Provider: Federal Reserve Bank of Philadelphia

Part of Series: Consumer Finance Institute conference summaries

Publication Date: 2019

Volume: 1

Number: 1