Nearly Half of American Seniors Manage Their Money Entirely on Their Own

Nearly Half of American Seniors Manage Their Money Entirely on Their Own

September 27, 2019         Written By John H. Oldshue

Nearly half (47%) of Americans over the age of 65 manage their finances entirely on their own, according to the Plan for 100 Elder Financial Abuse Survey from AIG Life & Retirement. Furthermore, only 25% will discuss their finances with a trusted friend or family member.

While there is merit in financial independence, it is not always ideal for seniors. Financial abuse affects 1 in 20 seniors each year, ranging from online romance scams to phone-based donation scams to mail-based invoice scams.

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Thankfully, seniors appear to know how to safeguard their money. An impressive 92% know not to respond to communications urgently requesting personal information. A similarly high 89% know not to click on links from unknown email senders, and 60% say they will only provide financial information when they initiate a phone call.

Seniors are particularly savvy about credit as well: 65% of seniors say they review their credit reports, compared to 57% of respondents overall. This may be one of the reasons why Baby Boomers (age 55-75) and the Silent Generation (age 76-91) have the highest average credit scores of all generations.

In terms of combating financial abuse, 92% of respondents say that financial institutions should have safeguards specifically for seniors. Americans also believe the government should raise awareness about the issue (77%), and that family members have a responsibility to protect their loved ones (46%).

The information contained within this article was accurate as of September 27, 2019. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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About John H. Oldshue

John Oldshue is the creator of LowCards.com. He worked for over 15 years in television and won an Emmy award for his reporting. He covers credit card rate issues for LowCards.com.