Congressional Testimony
Congressional Testimony
Here's a look at documents involving congressional testimony and member statements
Featured Stories
Johnson County (Kansas) Mental Health Center Adult Case Manager Schramm Testifies Before Senate Veterans' Affairs Committee
WASHINGTON, April 27 -- The Senate Veterans' Affairs Committee released the following testimony by Corey Schramm, adult case manager at the Johnson County Mental Health Center, and a member of the Johnson County Criminal Justice Advisory Council, Kansas, from an April 15, 2026, hearing entitled "Programs for Justice-Involved Veterans":* * *
Chair Moran, Ranking Member Blumenthal, and members of the Senate Committee on Veterans' Affairs, thank you for the opportunity to speak with you today. My name is Corey Schramm. I am a husband, a father of two great kids, and a proud veteran of the United ... Show Full Article WASHINGTON, April 27 -- The Senate Veterans' Affairs Committee released the following testimony by Corey Schramm, adult case manager at the Johnson County Mental Health Center, and a member of the Johnson County Criminal Justice Advisory Council, Kansas, from an April 15, 2026, hearing entitled "Programs for Justice-Involved Veterans": * * * Chair Moran, Ranking Member Blumenthal, and members of the Senate Committee on Veterans' Affairs, thank you for the opportunity to speak with you today. My name is Corey Schramm. I am a husband, a father of two great kids, and a proud veteran of the UnitedStates Army. Today, I serve as an adult case manager at the Johnson County Mental Health Center and a member of the Johnson County Criminal Justice Advisory Council.
I am also a grateful graduate of the Johnson County Veterans Treatment Court.
Growing up in Kansas, serving in the military was not just a goal; it was a family tradition. After 9/11, I joined the Army and was soon at Fort Hood, Texas, for my first assignment. Within a few months, I departed for my first deployment to Iraq. I am proud of my service. My battery was hand-selected to fight alongside Marines in Fallujah, and I stayed with the same platoon through all three of my deployments.
I got married after my first deployment. Shortly after my daughter was born, I deployed again.
Leaving my family was one of the hardest things I've ever had to do.
In many ways, coming home was even harder.
In Iraq, we had structure and routine; someone was telling us where to be at all times. We knew we had each other's backs, and the mission kept us focused. Back home, I was still learning how to be a husband and a father. Just when I felt I was beginning to build a relationship with my daughter, I would have to leave again. After my final deployment, I tried to adjust to being home, but without the structure of the military, I drifted. I understand now that my drinking and drug use was my way of coping with a life I didn't know how to live.
I was on and off probation a few times, but in June of 2020, things came to a breaking point. I spent five hours in a destructive episode at my house, involving a weapon. I have no memory of the incident, but I woke up charged with a felony and facing incarceration. I didn't know if I would ever be welcomed back in my home again.
For too many veterans, this is where the story ends. But I was fortunate to meet a Veterans Justice Outreach specialist with the VA who introduced me to veterans treatment court. It changed my life and the lives of my wife and children.
I didn't walk into veterans treatment court ready for change. I was angry, and I didn't know who I could trust. But my first day in veterans treatment court happened to be a graduation ceremony. I watched veterans with backgrounds just like mine hug the judge and thank the police officers who arrested them. The graduates were applauded and thanked for their service. It was like nothing I had ever seen before.
The structure I received in veterans treatment court felt comfortable. Like in the military, I knew where I needed to be and what was expected of me. It held me accountable. I felt like part of a unit again.
Through a combination of community-based services and VA care, including treatment and group therapy, I started to see a future for myself and my family. The veterans treatment court team was with me every step of the way. When I needed more support, they were there to provide it. When I stumbled, they held me accountable.
One of the most important parts of veterans treatment court was my mentor, Navy veteran, Rear Admiral Ed Phillips (ret.). He was by my side every step of the way and showed me what recovery could look like.
During the program, I was able to access vocational rehabilitation through the VA to go back to school and get an associate's degree in addiction counseling. I remember sitting at the kitchen table with my daughter doing our homework together. It was one of the small moments that helped us rebuild our relationship. This year, my wife and I will celebrate our 20th wedding anniversary and take our daughter to college at Kansas State University; my son and I are about to attend our sixth NASCAR race at KS Speedway.
When I graduated from veterans treatment court, I was proud but also nervous about losing the structure that had helped me rebuild my life. But the program prepared me for this challenge.
Today, I often return to veterans treatment court to speak to participants and graduates. I do it for the new veteran in the program who might hear my story and know that they can make it through.
I'm sharing my story today because I know there are countless veterans out there who are unable to receive the same opportunity I did, because a veterans treatment court is not available to them. My hope is that today's hearing can help change that.
Veterans treatment courts are not a shortcut through the justice system. These programs are rigorous. They demand honesty, discipline, and a willingness to change. But they work.
As you consider the future of veterans treatment courts, I urge you to continue supporting and expanding these programs. Because behind every statistic is a veteran like me; someone who served, who struggled, and who, with the right combination of accountability and support, can find their way back.
Thank you for the opportunity to share my story. I look forward to your questions.
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Original text here: https://www.veterans.senate.gov/services/files/F8A7CB12-1A7F-476D-848C-2BC2E4C62500
Financial Industry Regulatory Authority Investor Education Foundation Interim President Testifies Before Senate Special Committee on Aging (Part 2 of 2)
WASHINGTON, April 27 -- The Senate Special Committee on Aging released the following testimony by Christine Kieffer, interim president of the Financial Industry Regulatory Authority Investor Education Foundation, from an April 15, 2026, hearing entitled "Empowering Seniors through Financial Literacy: Tools to Protect Savings, Prevent Fraud, and Promote Independence":* * *
(Continued from Part 1 of 2)
FINRA Rules & Guidance Relating to Seniors or Scams
* Rule 4512 (https://www.finra.org/rules-guidance/rulebooks/finra-rules/4512): Customer Account Information
* Rule 3241 (https://www.finra.org/rules-guidance/rulebooks/finra-rules/3241): ... Show Full Article WASHINGTON, April 27 -- The Senate Special Committee on Aging released the following testimony by Christine Kieffer, interim president of the Financial Industry Regulatory Authority Investor Education Foundation, from an April 15, 2026, hearing entitled "Empowering Seniors through Financial Literacy: Tools to Protect Savings, Prevent Fraud, and Promote Independence": * * * (Continued from Part 1 of 2) FINRA Rules & Guidance Relating to Seniors or Scams * Rule 4512 (https://www.finra.org/rules-guidance/rulebooks/finra-rules/4512): Customer Account Information * Rule 3241 (https://www.finra.org/rules-guidance/rulebooks/finra-rules/3241):Registered Person Being Named a Customer's Beneficiary or Holding a Position of Trust for a Customer
* Rule 2165 (https://www.finra.org/rules-guidance/rulebooks/finra-rules/2165): Financial Exploitation of Specified Adults
* FAQ (https://www.finra.org/rules-guidance/guidance/faqs) Regarding FINRA Rules Relating to Financial Exploitation of Seniors
* Guidance to Firms (https://www.finra.org/rules-guidance/key-topics/senior-investors#guidance) Related to Senior Investors: FINRA guidance to member firms with respect to senior investors
* Cybersecurity and Cyber-Enabled Fraud (https://www.finra.org/rules-guidance/guidance/reports/2026-finra-annual-regulatory-oversight-report/cybersecurity): Excerpt from the 2026 FINRA Annual Regulatory Oversight Report (2026)
* Senior Investors and Trusted Contact Persons (https://www.finra.org/rules-guidance/guidance/reports/2026-finra-annual-regulatory-oversight-report/trusted-contact-persons): Excerpt from the 2026 FINRA Annual Regulatory Oversight Report (2026)
* Threat Intelligence Product (https://www.finra.org/rules-guidance/key-topics/senior-investors/tip-protecting-vulnerable-adult-senior-investors) : Protecting Vulnerable Adult and Senior Investors (2024) Selected FINRA Regulatory Notices
* Regulatory Notice 26-02 (https://www.finra.org/rules-guidance/notices/26-02): FINRA Requests Comment on Rule Revisions to Help Member Firms Protect Senior Investors From Financial Exploitation and All Investors From Fraud
* Regulatory Notice 25-07 (https://www.finra.org/rules-guidance/notices/25-07): FINRA Requests Comment on Modernizing FINRA Rules, Guidance, and Processes for the Organization and Operation of Member Workplaces
* Regulatory Notice 22-31 (https://www.finra.org/rules-guidance/notices/22-31): FINRA Shares Practices for Obtaining Customers' Trusted Contacts
* Regulatory Notice 22-05 (https://www.finra.org/rules-guidance/notices/22-05): FINRA Adopts Amendments to FINRA Rule 2165
* Regulatory Notice 20-38 (https://www.finra.org/rules-guidance/notices/20-38): FINRA Adopts Rule to Limit a Registered Person from Being Named a Customer's Beneficiary or Holding a Position of Trust for or on Behalf of a Customer
* Regulatory Notice 20-34 (https://www.finra.org/rules-guidance/notices/20-34): Proposed Amendments to FINRA Rule 2165 and Retrospective Rule Review Report
* Regulatory Notice 17-11 (https://www.finra.org/industry/notices/17-11): SEC Approves Rules Relating to Financial Exploitation of Seniors
* Regulatory Notice 07-43 (https://www.finra.org/rules-guidance/notices/07-43): Firm Obligations re: Senior Investors
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Original text here: https://www.aging.senate.gov/imo/media/doc/1539e357-a932-88c1-943e-d9eae24e1c05/Testimony_Kieffer%2004.15.26.pdf
Financial Industry Regulatory Authority Investor Education Foundation Interim President Testifies Before Senate Special Committee on Aging (Part 1 of 2)
WASHINGTON, April 27 -- The Senate Special Committee on Aging released the following testimony by Christine Kieffer, interim president of the Financial Industry Regulatory Authority Investor Education Foundation, from an April 15, 2026, hearing entitled "Empowering Seniors through Financial Literacy: Tools to Protect Savings, Prevent Fraud, and Promote Independence":* * *
Chairman Scott, Ranking Member Gillibrand and Members of the Committee:
On behalf of the Financial Industry Regulatory Authority (FINRA) and the FINRA Investor Education Foundation (FINRA Foundation), I want to thank you for ... Show Full Article WASHINGTON, April 27 -- The Senate Special Committee on Aging released the following testimony by Christine Kieffer, interim president of the Financial Industry Regulatory Authority Investor Education Foundation, from an April 15, 2026, hearing entitled "Empowering Seniors through Financial Literacy: Tools to Protect Savings, Prevent Fraud, and Promote Independence": * * * Chairman Scott, Ranking Member Gillibrand and Members of the Committee: On behalf of the Financial Industry Regulatory Authority (FINRA) and the FINRA Investor Education Foundation (FINRA Foundation), I want to thank you forthe opportunity to appear today to discuss tools for empowering older Americans through financial literacy.
As my testimony will demonstrate, for older Americans, financial literacy is not a luxury. It encompasses an essential set of skills needed for protecting savings, maintaining autonomy and preserving quality of life.
Seniors who possess stronger financial literacy are far better equipped to manage the complexities of retirement transitions, weather unforeseen expenses and make well-informed decisions about otherwise irreversible financial choices. Informed seniors show demonstrably greater resilience when facing financial shocks and are less vulnerable to fraudulent schemes.
Financial literacy has the power to preserve assets, independence, health and cognitive function.
At the same time, financial literacy alone cannot provide adequate protection against the growing danger of scams. It must be coupled with scam awareness and persuasion tactic identification (persuasion literacy) education programs that equip seniors to defend against emotional manipulation, recognize warning signs and safeguard their assets. And it can be bolstered by financial intermediaries--like broker-dealers and securities professionals--with the right training and tools to help protect older Americans.
FINRA is dedicated to being a part of the solution. My comments will focus on the research, outreach and educational initiatives FINRA and the FINRA Foundation have underway to help Americans--including older and vulnerable adults--build their financial literacy, protect their savings, avoid financial fraud and achieve financial stability.
I will also address FINRA's work to provide its member firms and professionals with the tools and resources they need to protect senior and vulnerable investors, a top regulatory priority.
This includes modernizing rules specially designed to protect these individuals and significantly increasing our capacity to combat cybersecurity and other fraud threats. It also includes close coordination with key stakeholders in the investor protection ecosystem, including the Securities and Exchange Commission (SEC), state regulators, industry members and the nonprofit community to broaden and enhance protections for retail investors.
Background on FINRA and the FINRA Investor Education Foundation
FINRA is a not-for-profit, self-regulatory organization (SRO) dedicated to investor protection and market integrity. FINRA regulates one critical part of the securities industry--member brokerage firms doing business in the U.S.1 FINRA, overseen by the SEC, writes rules, examines for and enforces compliance with FINRA rules and federal securities laws, registers brokerdealer personnel and offers them education and training, and informs the investing public. In addition, FINRA provides surveillance and other regulatory services for equities and options markets, as well as trade reporting and other industry utilities.
In 2003, FINRA created the FINRA Investor Education Foundation (Foundation) to help Americans build financial stability, invest for life goals and guard against fraud and exploitation.2 A wholly owned subsidiary of FINRA, the Foundation is a nonprofit organization governed by a separate board of directors. Its mission is to empower all Americans with the knowledge, skills and tools to make sound financial decisions throughout life. The Foundation advances innovative research and educational projects in support of this mission and also develops and directly manages targeted programs aimed at segments of the investing public that could benefit from additional resources, such as older Americans, military service members, and lower-income working Americans and their families. Much of this work is accomplished in partnership with organizations with a shared mission to advance consumer education and protection. Foundation-supported programs help hundreds of thousands of people each year.
What Is at Stake: Why Financial Literacy as We Age Is So Important
For older Americans, financial literacy is not optional but essential. It serves as a critical foundation for building and safeguarding wealth, sustaining autonomy, and ensuring a secure and dignified quality of life.
As we age, financial decisions become more complex and more consequential. With less time and opportunity to recover from mistakes, older adults enter retirement facing decisions they've never made before and with little room for error. These decisions include how to manage the transition from saving to spending, how to access pension or other retirement assets, when to claim Social Security, and how to navigate healthcare and long-term planning for an uncertain period of longevity. Without adequate financial literacy, older adults cannot make informed choices about these and other often-irreversible decisions, leaving them vulnerable to exploitation and devastating financial and personal outcomes.
What's more, financial fraud is a growing concern for individuals of all ages. Reported fraud losses have risen nearly 430 percent since 2020, according to the Federal Trade Commission (FTC).3 In 2025, the FTC received 3 million fraud reports from consumers reporting $15.9 billion in losses, a sizeable increase from the $12 billion reported in 2024.
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1 See https://www.finra.org/about.
2 See https://www.finrafoundation.org/about-us.
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When accounting for underreporting, the FTC estimates that Americans lost nearly $196 billion in 2024./4 A similar estimate for 2025 is not yet available, but with a nearly $4 billion increase in reported losses, the 2025 estimate accounting for underreporting is set to well-exceed $200 billion. Data from the FBI's Internet Crime Complaint Center (IC3.gov) tells a similar story of escalation.5 While older adults are commonly perceived as the primary victims of financial fraud, the data reveal a more nuanced reality. According to the FTC, adults aged 60 and older report losing money to fraud at lower rates than younger adults.6 However, when fraud does occur, older adults suffer significantly higher median losses per incident. Fraud schemes vary widely in their targeting patterns. Older adults are disproportionately affected by tech support scams, sweepstakes and lottery schemes, romance scams and government impersonation fraud. In terms of total dollars lost, investment scams and business and government impersonation schemes inflict the greatest financial damage on this age group. The FTC data illuminates just how damaging these schemes can be, with the overall increase in losses from 2024 to 2025 driven in large part by more reports of losses exceeding $100,000.7 For some, the losses can encompass a lifetime of savings.
The consequences of such a loss can be life-altering and can trigger a cascading series of financial and social crises. With little time or opportunity to rebuild, retirees and other older victims may face immediate, consequential decisions about maintaining their current standard of living. They might be forced to sell a family home, move in with adult children, turn to social support not previously needed or completely reimagine their financial picture and their future.
Medical expenses that were previously manageable could become unaffordable, forcing difficult choices. These cascading social and financial disruptions are profoundly destabilizing, particularly for those in their final decades of life. The loss forces the dismantling of the life they built, the independence they maintained and the security they counted on. The damage can extend to severe psychological trauma, and even health and mortality consequences.
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3 Federal Trade Commission. "The Rising Scam Economy: Modernizing Federal Approaches to Protect Americans from Foreign Fraudsters." Prepared statement before the U.S. Congress Joint Economic Committee, Washington, D.C., March 25, 2026. https://www.ftc.gov/system/files/ftc_gov/pdf/ftc-testimony-jec-hearing-on-the-rising-scameconomy.pdf.
4 Federal Trade Commission, Protecting Older Consumers 2024-2025 (Oct. 18, 2024), available at https://www.ftc.gov/system/files/ftc_gov/pdf/federal-trade-commission-protecting-older-adultsreport_102024.pdf.
5 Federal Bureau of Investigation, Federal Bureau of Investigation Internet Crime Report 2024 (2024), available at https://www.ic3.gov/AnnualReport/Reports/2024_IC3Report.pdf.
6 Federal Trade Commission, Protecting Older Consumers 2024-2025 (December 1, 2025), available at https://www.ftc.gov/system/files/ftc_gov/pdf/P144400-OlderAdultsReportDec2025.pdf.
7 Federal Trade Commission. "The Rising Scam Economy: Modernizing Federal Approaches to Protect Americans from Foreign Fraudsters." Prepared statement before the U.S. Congress Joint Economic Committee, Washington, D.C., March 25, 2026. See https://www.ftc.gov/system/files/ftc_gov/pdf/ftc-testimony-jec-hearing-on-the-risingscam-economy.pdf.
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The risk is extensive: A 2023 study in the JAMA Network Open (published by the Journal of the American Medical Association) found that approximately 16 percent of older adults in the sample (drawn from participants in the Rush Memory and Aging Project, which is funded by the National Institute on Aging) interacted with a simulated government impersonation scam without skepticism or provided personal information that could compromise their identity or accounts.8 When extrapolated nationally, this suggests millions of older Americans are actively vulnerable to fraud victimization.
Given what is at stake, enhancing financial literacy among older Americans is not merely beneficial--it is urgent and essential.
Financial Literacy Preserves Assets, Independence, Health and Cognitive Function Financial literacy is critically important for older adults because it serves as a protective barrier that extends far beyond simple money management. A body of research by the FINRA Foundation9 and numerous collaborators has demonstrated that higher financial literacy levels are strongly associated with better retirement outcomes, greater resilience to financial shocks, reduced financial anxiety and improved financial satisfaction. Importantly, financial literacy can meaningfully improve decision-making even as cognition naturally declines with age.
A study by the FINRA Foundation, the Global Financial Literacy Education Center and the University of Southern California found adults with higher initial financial literacy at the outset were more likely to plan for retirement, afford an unexpected expense of $2,000 and experience financial satisfaction six years later.10 In addition, findings from the State-by-State Survey component of the FINRA Foundation's National Financial Capability Study (NFCS)11 have indicated a strong link between increased financial literacy and a host of positive outcomes.12
Individuals with higher levels of financial literacy are:
* more likely to have an easier time making ends meet and to be spending less than their income;
* more likely to have rainy day funds and better positioned to manage unexpected expenses;
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8 L. Yu, G. Mottola, C.N. Kieffer, R. Mascio, O. Valdes, D.A. Bennett & P.A. Boyle, Vulnerability of Older Adults to Government Impersonation Scams, JAMA Network Open e2335319 (2023), https://doi.org/10.1001/jamanetworkopen.2023.35319.
9 See www.finrafoundation.org/research-center.
10 M. Angrisani, J. Burke, A. Lusardi & G. Mottola, The Evolution of Financial Literacy Over Time and Its Predictive Power for Financial Outcomes: Evidence from Longitudinal Data, 22 J. Pension Econ. & Fin. 640 (2023), https://doi.org/10.1017/S1474747222000154.
11 In 2009, the FINRA Foundation launched the first national study of the financial capability of adults in the United States. The National Financial Capability Study (NFCS) is fielded every three years, with the most recent wave fielded in 2024. See https://www.finrafoundation.org/national-financial-capability-study.
12 Lin, J. T., Bumcrot, C., Lusardi, A., Valdes, O., Mottola, G., Ganem, R., Sarver, S., Kieffer, C., McLaughlin, R., & Walsh, G. (2025). Financial Capability in the United States: Results from the FINRA Foundation's National Financial Capability Study (6th Edition). FINRA Foundation. www.finrafoundation.org/NFCSReport2024.
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* less likely to rely upon high-cost, non-bank borrowing methods; and
* less likely to experience financial anxiety.
To gain insight into the role of aging and cognition on financial and health decision-making, the FINRA Foundation collaborated with neuroscientists and researchers at Rush University Medical Center on a series of studies. Overall, the research collaboration suggested that taking steps to maintain or improve financial literacy in older age may prove beneficial to financial decision-making--even amid cognitive aging. Importantly, having a lower starting level of financial and health literacy was associated with poorer decision-making, and while some degree of decreasing literacy is common as we age, the rate of the decline is important.13 Those who experienced faster rates of decline in financial literacy--independent of baseline cognitive abilities--were more likely to make poor decisions, have higher susceptibility to scams and financial fraud, and experience lower levels of psychological well-being.
Financial literacy might even preserve brain health. The FINRA Foundation-Rush University research collaboration found associations between perceptions of one's own skills and neurological health. Beyond objective financial literacy, confidence in one's financial literacy skills was associated with a decreased risk of Alzheimer's dementia and slower decline in cognition--a potential signal of the importance of maintaining financial engagement.14 The team also found that older adults who misperceive their own cognitive abilities (whether overestimating or underestimating) were found to make significantly poorer financial decisions than those with more accurate self-awareness.15 Even still, higher financial literacy played a greater role in quality of financial decision-making than memory misperceptions.
In essence, increased financial literacy functions as an indispensable buffer to the predictable and unpredictable challenges of aging. It is critical, not merely for managing money, but for preserving independence, health and cognitive function in our most vulnerable time.
FINRA's Commitment to Building Financial Literacy
The FINRA Foundation advances financial literacy and capability by building programs and partnerships that help Americans in communities across the country learn about money management and investing, plan for the future, and make informed decisions about financial products and services.
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13 L. Yu, G. Mottola, D.A. Bennett & P.A. Boyle, Adverse Impacts of Declining Financial and Health Literacy in Old Age, 29 Am. J. Geriatric Psychiatry 1129 (2021), https://doi.org/10.1016/j.jagp.2021.02.042.
14 L. Yu, P. Boyle & G. Mottola, Confidence in Financial Literacy and Cognitive Health in Older Persons, FINRA Investor Education Foundation (Sept. 2020), available at https://www.finrafoundation.org/sites/finrafoundation/files/confidence-in-financial-literacy-and-cognitive-healthin-older-persons_1.pdf.
15 L. Yu, O. Valdes, P. Boyle & G. Mottola, What You Don't Know Can Hurt You: Misjudging Memory Skills Can Adversely Impact Financial Decision Making in Old Age, FINRA Investor Education Foundation (Feb. 2022), available at https://www.finrafoundation.org/sites/finrafoundation/files/2024-10/Insights-Brief-MemoryUnawareness_1.pdf.
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For many years, the Foundation worked with the American Library Association and others to build the capacity of public libraries to address the financial education and information needs of their communities.16 To this end, the FINRA Foundation made in excess of $10.5 million in grants, often coupled with training for library professionals, to enable financial education experiences that align with these characteristics. Libraries that received these grants delivered thousands of free programs and services that incorporated multiple ways of learning across a range of settings, both in and outside of library facilities.
For adults still in the workforce, the workplace is often an ideal setting for financial education, especially if it is done in ways that address both employer and employee needs. For a dozen years, the Foundation has collaborated with United Way Worldwide on an initiative known as Financial Wellness at Work.17 This program leverages the workplace as a platform for helping low- and moderate-income employees achieve financial stability and make progress toward longer-term financial goals, both for themselves and their families. Through this initiative, employees benefit from financial education and coaching that respects their need for privacy.
They also receive resource coordination and access to consumer-friendly financial products and services to help them reduce debt and build assets. Because these services are delivered at the worksite and coordinated with employers, common barriers to participation in financial education--such as lack of available after-hours childcare, additional transportation costs or simply a lack of time--are greatly reduced. Employers benefit from a workforce that is less stressed by personal finance challenges that may affect job performance, result in hardship withdrawals from retirement savings plans and contribute to excessive employee turnover.
FINRA and the FINRA Foundation also directly provide free, unbiased information and tools to help all Americans better understand basic principles of investing and the markets, making them better-informed investors.
These resources include:
* a retirement education center on FINRA.org18 that features comprehensive information on both the accumulation and decumulation phases of retirement, as well as content on different ways to save for retirement;
* a calculator19 to help people maximize employer matching contributions; and
* a tool20 to help retirees understand and navigate required minimum distributions from traditional IRAs and qualified employer-sponsored retirement accounts.
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16 See https://smartinvesting.ala.org.
17 See https://finrafoundation.org/people-we-help/financial-wellness-work.
18 See https://www.finra.org/investors/investing/investment-accounts/retirement-accounts.
19 See https://max401kcalculator.nga.finra.org/calculator/#!/.
20 See https://rmdcalculator.nga.finra.org/#!/.
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In addition, we offer:
* FINRA BrokerCheck,21 a free tool that provides investors with a quick way to check whether investment professionals and firms are licensed and to check a broker's professional background and disciplinary history;
* a fund analyzer22 that allows investors to compare the impact of fees, expenses and discounts on mutual fund and exchange-trade fund values;
* a fixed income data center23 with comprehensive, real-time access to fixed income security and trade information, as well as investor education content on bonds;
* a series of online micro-courses24 that cover essential topics for new investors--from setting investment goals to understanding risk and return; and
* Investor Insights articles25 that explain, in plain language, emerging products, concerning fraud schemes, popular investing strategies, current market trends and other topics of interest to retail investors, both novice and advanced.
Many of FINRA's recent publications have tackled such topics as tips for managing money after the loss of a spouse, how to spot and avoid relationship investment scams, and factors to consider when choosing between a brokerage or advisory account.
Financial Literacy Must be Coupled with Persuasion Literacy and Scam Awareness to Bolster Defenses
Financial literacy has a role to play in fraud and scam vulnerability.
* Older adults with lower baseline financial and health literacy are more susceptible to scams.26,27
* Financial fragility and financial insecurity are correlated with a higher likelihood of engagement with and losses due to scams.28
* Low levels of financial literacy, as well as social isolation, are associated with engaging with and losing money to scams.29
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21 See https://brokercheck.finra.org.
22 See https://tools.finra.org/fund_analyzer.
23 See https://www.finra.org/finra-data/fixed-income.
24 See https://www.finra.org/investors/investing/investing-basics/smart-investing-courses.
25 See https://www.finra.org/investors/insights.
26 Yu et al., Adverse Impacts of Declining Financial and Health Literacy in Old Age, supra note 4.
27 L. Yu, G. Mottola, L.L. Barnes, S.D. Han, R.S. Wilson, D.A. Bennett & P.A. Boyle, Correlates of Susceptibility to Scams in Community-Dwelling Older Black Adults, 67 Gerontology 729 (2021), https://doi.org/10.1159/000515326.
28 L. Yu, O. Valdes, P. Boyle & G. Mottola, Who's at Risk? Financial Fragility May Put Older Adults at Risk for Scams, Insights: Financial Capability (July 2022), available at https://finrafoundation.org/sites/finrafoundation/files/202410/Financial-Fragility-Research-Brief.pdf.
29 M. DeLiema, E. Fletcher, C.N. Kieffer, G.R. Mottola, R. Pessanha & M. Trumpower, Exposed to Scams: What Separates Victims from Non-Victims?, FINRA Investor Education Foundation, BBB Institute for Marketplace Trust & Stanford Center on Longevity (2019), https://doi.org/10.1080/08946566.2022.2070568.
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However, financial literacy is not the only important factor in preventing losses due to fraud and scams, and even those with higher degrees of financial literacy need additional fortification to protect their assets. Of equal importance is persuasion literacy and scam awareness which, collectively, can empower seniors to resist emotional manipulation, recognize red flags and protect their assets.
Knowing about scams and scammer tactics can be a person's best defense in successfully thwarting a scam attempt. Scams come in countless forms, but beneath the surface, fraudsters use variations of the same playbook. They often rely on a remarkably small number of persuasion tactics, attempting to exploit psychological vulnerabilities using claims of urgency or (false) authority or promises of wealth. These tactics are designed to heighten emotions and suspend rational judgment, impairing decision-making. And older adults might be particularly vulnerable to the dangerous effects of heightened emotions on decision making.30 Persuasion literacy can be thought of as the ability to analyze and evaluate incoming communications for these persuasive techniques--whether deployed in a legitimate sales pitch or a fraudulent scheme--in order to facilitate rational, rather than emotionally-driven, decisions. Persuasion literacy builds pattern recognition skills that can be applied to different schemes that employ similar tactics. In the context of a scam, the ability to detect the warning signs of a high-pressure pitch can be a critical skill that ultimately protects an individual from victimization.31
A number of studies support the idea that knowledge--including how scams work and how to recognize red flags--can be an important protective agent. Lack of knowledge about scams, on the other hand, can leave consumers at high risk. For instance, in a behavioral experiment in which older adults were exposed to a realistic government impersonation scam, those who interacted with the scam without skepticism or provided personal information also scored lowest on a scam awareness measure.32 Yet other studies support this same finding: Lack of prior knowledge of a scam increases the risk of loss.33 Thus, education about specific scams and scammer tactics could be a powerful protective factor even across a wide range of schemes.
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30 In a study conducted by the Stanford Center on Longevity in collaboration with the FINRA Foundation, subjects were induced to exhibit excitement or anger, with a neutral control group, and then presented with advertisements that had been designated by the FTC as misleading. In older adults, both excitement and anger increased intention to purchase an item compared to no emotional arousal. In younger adults, however, there were no significant differences in intention to purchase, suggesting that heightened emotion did not influence younger adults' susceptibility. The findings suggest that older adults' intention to purchase was not based on perceived credibility, but rather on the emotional states they were experiencing. See K. Kircanski, N. Notthoff, D. Shadel, G. Mottola, L.L. Carstensen & I.H. Gotlib, Heightened Emotional States Increase Susceptibility to Fraud in Older Adults, Stanford Center on Longevity (2016), available at https://www.finrafoundation.org/sites/finrafoundation/files/2024-10/heightened-emotional-states-fraudsusceptibility.pdf.
31 DeLiema et al., Exposed to Scams, supra note 13.
32 Yu et al., Vulnerability of Older Adults to Government Impersonation Scams, supra note 10.
33 A study by the FINRA Foundation, University of Minnesota and RTI International found that while risk factors for responding to and losing money to a scam generally varied across scam types, three common risk factors for most scam types were lack of prior knowledge of the scam, loneliness, and believing the fraudster/organization seemed "official." See M. DeLiema, Y. Li, M.K. Taylor & G.R. Mottola, Does One Size Fit All? An Examination of Risk Factors by Scam Type, Insights: Financial Capability (Nov. 2022), available at https://finrafoundation.org/sites/finrafoundation/files/Does-One-Size-Fit-All-An-Examination-of-Risk-Factors-byScam-Type-Brief.pdf.
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U.S. adults have substantial gaps in both awareness and understanding of different types of financial fraud. When asked to name the types of fraud they were familiar with, half of the respondents in a forthcoming study by RAND and the FINRA Foundation mentioned identitybased fraud--scams involving a victim's identity--while fewer than one in five mentioned other significant fraud schemes.34 Although those with higher financial literacy were more likely to mention other fraud types, significant knowledge gaps persist across the population, further underscoring the need for targeted scam awareness education.
Complicating matters, many are overconfident in their ability to detect warning signs. To deepen our understanding of consumers' ability to detect signs of fraud, the FINRA Foundation conducted a short study that presented a hypothetical investment pitch.35 Despite consumers' widespread confidence in their ability to spot financial fraud, their fraud detection abilities did not match this confidence. Nearly two-thirds (63 percent) of consumers indicated that they would invest, despite multiple red flags for investment fraud. And while older consumers were less likely to indicate interest in this potentially fraudulent opportunity, more than half (59 percent) of those 50 and over indicated they definitely or probably would invest in the "opportunity."
Educational interventions that build persuasion literacy are a promising strategy to protect consumers. Even short, online educational interventions about persuasion tactics and red flags can increase both consumers' ability to recognize fraudulent opportunities and their knowledge about investment fraud without diminishing interest in legitimate investment products.36 These protective effects decay over time, however. To maintain effectiveness, scam prevention messaging must be disseminated through a wide array of channels, with regular frequency.
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34 D. Basaran Sahin et al., "Capturing Adults' Familiarity with Financial Fraud: Relationships with Targeting, Engagement, and Victimization" (revised manuscript submitted to Journal of Consumer Affairs, 2026). Forthcoming issue brief from the FINRA Foundation and RAND will be published at www.finrafoundation.org/research-center.
35 A. Fontes, O. Valdes, G. Mottola, R. Ganem & S. Green, Confident You Can Detect Financial Fraud? Think Again, Consumer Insights: Money & Investing (Mar. 2026), available at https://finrafoundation.org/sites/finrafoundation/files/2026-03/Consumer_Insights_Brief_Confident_You_Can_Detect_Fraud_Think_Again.pdf.
36 A collaborative study between the FINRA Foundation and the University of Southern California's Center for Economic and Social Research (CESR) experimentally examined the effectiveness of short, online educational interventions in reducing susceptibility to fraud. The interventions increased both consumers' ability to recognize fraudulent investment opportunities and their knowledge about investment fraud without diminishing respondent interest in legitimate investment products. While initial effects decayed over time, they persisted for at least three months with support from a secondary intervention. See J. Burke, F. Perez-Arce, C. Kieffer, R. Mascio, G. Mottola & O. Valdes, Can Educational Interventions Reduce Susceptibility to Financial Fraud?, Insights: Financial Capability (Mar. 2021), available at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3747165.
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It is important to recognize that while the ultimate goal of a financial fraud scheme is to steal money or assets, the means is largely through emotional manipulation. Accordingly, when financial fraud strikes, the damage extends far beyond dollars lost. FINRA Foundation research shows that two-thirds of fraud victims experience serious social-emotional consequences, including anxiety, depression and sleep disruption.37 Within the first year after a scam, victims often report escalating feelings of depression, exhaustion, anger, shame and pervasive distrust.38 These wounds are frequently hidden from sight, and they can have tremendous negative impacts on both psychological well-being and physical health. Protecting older Americans from these downstream effects is as important as protecting their assets.
FINRA'S Sustained Commitment to Holistic Fraud Prevention Measures
Tackling an issue as complex as financial fraud requires a multi-faceted, collaborative and sustained approach. As such, the FINRA Foundation maintains a range of partnerships with consumer organizations, securities regulators, law enforcement, victim advocates and other stakeholders to scale the impact of our work. FINRA actively participated in the Federal Trade Commission's Scams Against Older Adults Advisory Group, an initiative launched in 2022 under the Stop Senior Scams Act.39 Most recently, we joined dozens of leaders across the public sector, industry and civil society in developing a national strategy to prevent scams as part of the Aspen Institute's National Task Force on Fraud and Scam Prevention.40
Through this network of national, state and grassroots partnerships, the FINRA Foundation develops and distributes fraud prevention resources, conducts outreach and trains consumers and professionals alike to detect, prevent and respond to financial fraud.41 The Foundation's education efforts focus not just on specific scams but on building skills to identify and resist scams, more broadly, with an emphasis on persuasion literacy and red flag awareness.
Since 2008, the Foundation has:
* enabled, conducted and disseminated critical research to understand fraud prevalence, mechanics and victim impact, as well as behavioral, neurological and demographic risk factors;
* delivered evidence-based fraud prevention education to more than 286,000 consumers;
* trained nearly 28,500 professionals (including law enforcement officers, social workers, mental health professionals and victim advocates) to detect, prevent and respond to financial fraud and scams;
* counseled 4.2 million seniors through Foundation-supported fraud fighter call centers;
* * *
37 See https://www.finrafoundation.org/sites/finrafoundation/files/non-traditional-costs-financial-fraud_0_0.pdf.
38 See https://finrafoundation.org/sites/finrafoundation/files/Fraud_Victim_Journey_Map.pdf.
39 See https://consumer.ftc.gov/features/addressing-scams-affecting-older-adults.
40 See https://fraudtaskforce.aspeninstitute.org/nationalstrategy.
41 See https://finrafoundation.org/empowering-fraud-fighters.
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* cultivated free, counselor-led support programs for scam victims to work through the loss, embarrassment and isolation that can accompany victimization;
* fostered relationships with national, state and local organizations and coalitions to encourage collaboration in the fight against financial fraud and exploitation;
* developed a range of fraud awareness and prevention resources, including a nationally distributed public television documentary and interactive, online game; and
* advanced FINRA initiatives, including facilitating dialogue with and developing resources for member firms to help them better protect themselves and investors from harm caused by third-party scams.42
FINRA also regularly shares fraud prevention and scam awareness information via both FINRA and Foundation social media channels.43 For example, FINRA has collaborated with numerous industry regulators and organizations, including the SEC, CFTC, FBI and others, on targeted social media campaigns focused on increasing awareness of specific scams44 or on adding a trusted contact45 to investment accounts.
Prevention is an important part of combating financial fraud. However, fraud claims victims despite preventive methods. Scammers deliberately target those already victimized, capitalizing on emotional distress, shame and desperation. Without intervention, cascading losses compound the trauma, and the vulnerability window remains open.
This is why the FINRA Foundation is collaborating with two nonprofit organizations to develop a network of peer support programs for fraud victims.46 Peer support helps close this window by addressing the psychological conditions that made the individual a target. Individuals who feel seen, safe and understood are less vulnerable than those with no community to lean on for emotional support. Effective peer support combines mental health counseling with actionable guidance: reporting fraud, securing accounts, spotting red flags, and addressing practical needs like financial insecurity and identity theft recovery. Victims who once needed urgent support become survivors who are more stable and resilient. Their dependency on crisis services decreases and their vulnerability to future exploitation narrows. Recovery isn't simply a response to fraud. It's a powerful tool to prevent fraud from happening again in the future.
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42 See https://www.finra.org/rules-guidance/key-topics/scam-prevention-assistance-resources.
43 See https://www.facebook.com/FinancialIndustryRegulatoryAuthority, https://www.facebook.com/FinraFoundation, https://www.instagram.com/finraofficial.
44 See https://www.finra.org/sites/default/files/2026-03/ABA_Foundation_Government_Imposter_Scams_Infographic.pdf, https://www.finra.org/sites/default/files/2024-10/2024-ABA-Cryptocurrency-Infographic-Printable.pdf 45 See https://www.finra.org/sites/default/files/2021-09/trusted-contact-infographic.pdf.
46 See https://finrafoundation.org/assisting-victims-fraud.
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FINRA's Regulatory Initiatives Advance Senior Investor Protection
FINRA has long been committed to protecting senior investors and combating financial fraud through a combination of regulation, investor education and assistance, and collaboration with member firms, state and federal agencies, and investor-protection advocates.47 Among other efforts, FINRA provides its member firms and their professionals with a suite of tools and training to help stop fraud at the front lines. FINRA also detects potential fraud through its core regulatory programs, intervenes where it can, and refers other matters to regulators and law enforcement authorities. These efforts have become increasingly important as scams, fraud and financial exploitation have surged in recent years, driven in part by technological advances that enable sophisticated criminal schemes targeting investors of all ages.
In 2025, FINRA launched FINRA Forward, a series of initiatives to further improve its effectiveness and efficiency in pursuing its mission.48 FINRA Forward represents a sustained, multi-year commitment to modernizing its regulatory approach, including redoubling efforts across its programs to prevent or stop fraud. Key initiatives include modernizing FINRA's rules; empowering member firm compliance; combating cybersecurity and fraud risks; and conducting an outside review of and making enhancements to its enforcement program.49,50
Combating Cybersecurity and Fraud Risks Through Shared Intelligence
Today's cybersecurity and fraud threats aren't isolated incidents--they are sophisticated operations orchestrated by organized criminals and even nation states. This new reality demands that we respond not as individual organizations, but as a unified industry with shared intelligence and coordinated defenses. FINRA is applying this perspective to create practical tools that firms can use to protect themselves and their clients from emerging threats.
Towards that end, on March 31 of this year, FINRA launched the Financial Intelligence Fusion Center (FIFC).51,52 The FIFC provides a secure portal where member firms can receive timely, actionable cybersecurity and fraud threat intelligence to further protect their customers and their businesses.53 The FIFC will also leverage FINRA's existing relationships, enabling input from government and private sector stakeholders. It expands the range of resources FINRA provides its members, including guidance for establishing cybersecurity programs, addressing vulnerabilities, combating cyber-enabled fraud, and identifying emerging scams, among others.
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47 See https://www.finra.org/rules-guidance/key-topics/senior-investors.
48 See https://www.finra.org/media-center/newsreleases/2025/finra-announces-new-finra-forward-initiatives.
49 See https://www.finra.org/about/finra-forward.
50 See https://www.finra.org/media-center/blog/finra-forward-in-enforcement.
51 See https://www.finra.org/media-center/newsreleases/2026/finra-launches-financial-intelligence-fusion-centercombat.
52 Listen to FINRA's Podcast on Building Cybersecurity Resilience Through FINRA Forward, https://www.finra.org/media-center/finra-unscripted/building-cybersecurity-resilience-through-finra-forward.
53 See https://www.finra.org/filing-reporting/fifc.
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Directly Assisting Investors Through the FINRA Securities Helpline for Seniors FINRA also provides resources and tools for investors to help resolve potential problems. For example, FINRA's Securities Helpline for Seniors(R) (Senior Helpline) is a toll-free number that investors can call to get assistance from FINRA or raise concerns about issues with brokerage accounts and investments.54 Member firms also often proactively contact the Helpline to share concerns and discuss ways to help their customers. The Helpline is managed by a specialized internal team, the Vulnerable Adults and Seniors Team (VAST).
Callers to the Senior Helpline (844-57-HELPS or 844-574-3577) report a wide range of issues. In some cases, FINRA has been able to provide the senior investors or their families with enough information and understanding of brokerage operations that they can help themselves. In other instances, FINRA has directly worked with firms or helped seniors work with firms to be made whole. In its first 10 years, the Senior Helpline assisted in recovering more than $9.3 million for investors.55 The Helpline has increasingly received calls about potential romance, confidence, imposter and crypto asset scams. When appropriate, VAST members file reports with state or local Adult Protective Services (APS) agencies and make referrals to state, federal and international agencies. VAST members also work within FINRA's Regulatory Operations to investigate and, where appropriate, bring disciplinary actions in senior-specific financial exploitation and sales practice cases involving FINRA member firms.
Modernizing Rules to Protect Senior Investors
FINRA's Senior Helpline has highlighted issues relating to financial exploitation of senior and vulnerable investors, including the need for member firms to quickly and effectively address suspected financial exploitation of seniors and other specified adults. In response, and through extensive engagement with the public and market participants, FINRA has developed a regulatory framework designed to provide member firms with flexible tools to protect senior and vulnerable investors from financial exploitation.
In 2018, FINRA implemented two key rules for protecting senior investors and other vulnerable adults.
* The trusted contact rule (FINRA Rule 4512) requires members to make reasonable efforts to obtain the name of and contact information for a trusted contact person upon the opening of all non-institutional customer accounts. The trusted contact is intended to be a resource for the member in a host of situations (e.g., helping to update contact information when a customer becomes unavailable, offering assistance when concerns arise over possible diminished capacity or other health issues, protecting assets and responding to possible financial exploitation).56
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54 See https://www.finra.org/investors/need-help/helpline-seniors.
55 See https://www.finra.org/media-center/newsreleases/2025/finra-securities-helpline-seniors-marks-10thanniversary-more-93.
56 See https://www.finra.org/rules-guidance/rulebooks/finra-rules/4512.
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* The temporary hold rule (FINRA Rule 2165) is the first uniform national standard for placing temporary holds on disbursements and transactions to address suspected financial exploitation. More specifically, the rule permits a member to place a temporary hold, with stated time limits, on a securities transaction or disbursement of funds or securities from the account of a senior or other adult with an impairment ("specified adult"57) when the member reasonably believes that financial exploitation of that adult has occurred, is occurring, has been attempted or will be attempted. The rule currently permits a temporary hold up to a maximum of 55 business days unless otherwise terminated or extended by a relevant state agency or court.58
To enhance coordination across sectors, FINRA also partners with the National Adult Protective Services Association (NAPSA) and APS offices across the U.S. to provide education on the financial services industry, fraud trends and the role that FINRA Rule 2165 serves in halting suspected financial exploitation.
FINRA is widely reviewing its rules and guidance under FINRA Forward to ensure that they remain relevant and effective. To that end, FINRA issued Regulatory Notice 26-02 soliciting feedback on proposed rule modernization changes to further assist member firms in protecting customers from fraud and financial exploitation.59
Proposed updates include:
* Trusted Contact Amendments (pertaining to FINRA Rule 4512) permitting member firms to use the alternative term "emergency contact" and to provide additional flexibility for a customer to name a trusted or emergency contact for use across all the customer's accounts at the member firm.
* Temporary Hold Amendments (pertaining to FINRA Rule 2165) extending the maximum temporary hold period under Rule 2165 from 55 business days to 145 business days, in three 30-business day increments, subject to safeguards, plus additional modifications that provide enhanced clarity and flexibility to make the rule more effective.
* New "Speed Bump" for Suspected Fraud (proposed new FINRA Rule 2166) offering member firms a tool to protect all customers (irrespective of age or capacity) by permitting a temporary delay of up to five business days on disbursements or transactions when there is a reasonable belief of fraud. This separate safe harbor framework, modeled on FINRA Rule 2165, would permit member firms to use a "speed bump" to alert a customer of suspected fraud.
FINRA staff are currently reviewing comments on these proposed changes.
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57 A "specified adult" is defined as a natural person age 65 and older or a natural person age 18 and older who the member reasonably believes has a mental or physical impairment that renders the individual unable to protect his or her own interests.
58 See https://www.finra.org/rules-guidance/rulebooks/finra-rules/2165.
59 See https://www.finra.org/rules-guidance/notices/26-02.
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Training for Securities Firms and Professionals on Detecting and Preventing Exploitation FINRA also supports training for those within the securities industry to advance understanding of issues related to financial exploitation, cognitive aging and financial decision-making. The Senior Safe Act60, enacted in 2018, is an important law that assists in the protection of older Americans who are saving and investing in the nation's financial markets. Specifically, the law ensures that covered financial institutions, including investment advisers, broker-dealers and transfer agents, and their eligible employees can report on potential exploitation of seniors to a covered agency without potential barriers that could stem from liability for that action. In furtherance of the intent of this law, together with the North American Securities Administrators Association (NASAA) and SEC staff, FINRA provides a resource that securities firms may use to train associated persons61 about how to detect, prevent and report financial exploitation of senior and vulnerable adult investors, as well as a list of key senior investor protection resources62 for member firms.
Moreover, FINRA incorporates training for the industry on senior investor protection issues through in-person and virtual programming. This includes through the FINRA Annual Conference, periodic Senior Investor Protection Conferences and Financial Crimes and Cybersecurity Conferences, among other events.63 FINRA's Crypto and Blockchain Education Program equips financial professionals with a comprehensive education to understand crypto assets and blockchain technology.64 FINRA also oversees the securities industry continuing education program which includes administration of mandatory training for over 634,000 registered persons. New in 2026 is an updated course on disrupting the cycle of fraud and understanding scam trends.65 The training leans heavily into the FINRA Foundation's work teaching trauma-informed practices and ways to avoid victim blaming. Finally, FINRA maintains a catalog of e-learning courses for firms to use in furtherance of their training programs. A number of these courses address diminished capacity, vulnerable populations and exploitation of senior investors.
Conclusion
This testimony illustrates that financial literacy, when combined with persuasion literacy and scam awareness education, serves as a multifaceted shield protecting not only older Americans' assets but also their autonomy, cognitive health and overall well-being.
By supporting evidence-based educational initiatives tailored to the specific vulnerabilities and needs of older adults, we can equip millions of seniors with the information and confidence necessary to safeguard their savings, recognize scams and preserve the quality of life they have earned. This protective work is urgent. It matters not only in older age, but as we age.
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60 Economic Growth, Regulatory Relief, and Consumer Protection Act, Section 303, Public Law 115-174.
61 FINRA, Addressing and Reporting Financial Exploitation of Senior and Vulnerable Adult Investors (June 2023) available at https://www.finra.org/rules-guidance/key-topics/senior-investors/elder-abuse-prevention-training.
62 See https://www.finra.org/sites/default/files/2025-06/Senior_Investor_Protection_Resources_for_BrokerDealers.pdf.
63 See https://www.finra.org/events-training/conferences-events/2026-financial-crimes-cybersecurity-conference.
64 See https://www.finra.org/events-training/FINRA-crypto-and-blockchain-education-program.
65 See https://www.finra.org/registration-exams-ce/continuing-education/regulatory-element-topics.
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Building a financially capable America across the lifespan is a lofty goal, and it requires collaborative and sustained efforts to achieve. FINRA and the FINRA Foundation are committed to bolstering the financial literacy, persuasion literacy and scam awareness of all Americans.
Thank you again for inviting me to testify today about these important issues. I am pleased to answer any questions you might have.
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Appendix:
FINRA and FINRA Foundation Resources
Regarding Seniors and Vulnerable Adults
Summary of FINRA's Senior Investor Protection Efforts
* Key Topics, Senior Investors
Helplines & Scam Support Groups for Consumers
* FINRA Securities Helpline for Seniors https://www.finra.org/rules-guidance/key-topics/senior-investors
* Give an Hour Support Programs for Fraud Victims and Families (enabled by the FINRA Foundation) http://www.giveanhour.org/financialfraud
* FightCybercrime Scam Recovery Groups (enabled by the FINRA Foundation) https://fightcybercrime.org/programs/romance-scam-recovery-group/
Selected FINRA Foundation Research
(For more, visit www.finrafoundation.org/research-center)
Financial Capability & Financial Literacy
* Finfluencer Followers and Social Media Scrollers: The Profile, Patterns and Pitfalls of Social-Media-Informed Retail Investors. (https://finrafoundation.org/sites/finrafoundation/files/2026-03/FINRA_Foundation_Research_Brief_Social_Media_Finfluencers.pdf) (2026). Authored by FINRA and the FINRA Foundation.
* Financial Capability in the United States: Results from FINRA Foundation's National Financial Capability Study. (https://finrafoundation.org/sites/finrafoundation/files/2025-07/NFCS-Report-Sixth-Edition-July-2025.pdf) (2025). Authored by researchers from the FINRA Foundation, Meridian Research & Insights and Stanford University.
* Investors in the United States Results from the National Financial Capability Study. (https://finrafoundation.org/sites/finrafoundation/files/2025-11/NFCS_Investor_Survey_Report_White_Paper.pdf) (2025). Authored by researchers from the FINRA Foundation and Meridian Research & Insights.
* Does the Gender Gap in Financial and Health Literacy Close as We Age? Apparently Not. (https://finrafoundation.org/sites/finrafoundation/files/2025-04/does-the-gender-gap-financial-health-literacy-close.pdf) (2025). Authored by researchers from the FINRA Foundation, Rush University Medical Center and The Wharton School of Business at the University of Pennsylvania.
* The Stability and Predictive Power of Financial Literacy: Evidence from Longitudinal Data. (https://finrafoundation.org/sites/finrafoundation/files/2024-10/stability-and-predictive-power-financial-literacy-evidence-longitudinal-data_0.pdf) (2020). Authored by researchers at the FINRA Foundation, University of California's Center for Economic and Social Research, and George Washington University's Global Financial Literacy Excellence Center.
Aging & Financial Decision Making
* Feeling Good, Staying Sharp: Psychological Wellbeing May Slow Financial and Health Literacy Decline in Older Adults. (https://finrafoundation.org/sites/finrafoundation/files/2024-10/research-brief-welbeing-financial-literacy.pdf) (2023). Authored by researchers from the FINRA Foundation, Rush University Medical Center and Indiana University School of Medicine.
* Who's at Risk? Financial Fragility May Put Older Adults at Risk for Scams. (https://finrafoundation.org/sites/finrafoundation/files/2024-10/Financial-Fragility-Research-Brief.pdf) (2022). Authored by researchers at the FINRA Foundation and Rush University Medical Center.
* What You Don't Know Can Hurt You: Misjudging Memory Skills Can Adversely Impact Financial Decision Making in Old Age. (https://finrafoundation.org/sites/finrafoundation/files/2024-10/Insights-Brief-Memory-Unawareness_1.pdf) (2022). Authored by researchers at the FINRA Foundation and Rush University Medical Center.
* Race and Scam Susceptibility: Key Risk Factors for Older African Americans. (https://finrafoundation.org/sites/finrafoundation/files/2024-10/race-scam-susceptibility_0.pdf) (2021). Authored by researchers from the FINRA Foundation and Rush University Medical Center.
* The Relation of Loneliness and Cognition with Financial and Healthcare Decision Making in Older Persons. (https://finrafoundation.org/sites/finrafoundation/files/2024-10/relation-loneliness-cognition-financial-decisions.pdf) (2021). Authored by researchers from the FINRA Foundation, Rush University Medical Center and Indiana University School of Medicine.
* Does Overconfidence Increase Financial Risk Taking in Older Age? (https://finrafoundation.org/sites/finrafoundation/files/2024-10/does-overconfidence-increase-financial-risk-taking-in-older-age_0_0.pdf) (2020). Authored by researchers at the FINRA Foundation, Duke University, and Rush University Medical Center.
* Confidence in Financial Literacy and Cognitive Health in Older Persons. (https://finrafoundation.org/sites/finrafoundation/files/2024-10/confidence-in-financial-literacy-and-cognitive-health-in-older-persons_1.pdf) (2020). Authored by researchers at the FINRA Foundation and Rush University Medical Center.
* The Adverse Impacts of Declining Financial Literacy in Old Age. (https://finrafoundation.org/sites/finrafoundation/files/2024-10/adverse-impacts-declining-financial-literacy_0.pdf) (2020). Authored by researchers at the FINRA Foundation and Rush University Medical Center.
Consumer Financial Fraud
* Vulnerability of Older Adults to Government Impersonation Scams. (https://jamanetwork.com/journals/jamanetworkopen/fullarticle/2809785) (2023). Authored by researchers at the FINRA Foundation and Rush University Medical Center.
* Confident you can detect fraud? Think again. (https://finrafoundation.org/sites/finrafoundation/files/2026-03/Consumer_Insights_Brief_Confident_You_Can_Detect_Fraud_Think_Again.pdf) (2026). Authored by researchers from the FINRA Foundation.
* United We Stand: A National Strategy to Prevent Scams. (https://fraudtaskforce.aspeninstitute.org/nationalstrategy) (2025). A report from the Aspen Institute's National Task Force on Fraud and Scam Prevention.
* Exposed to Scams: What Beliefs About the World are Associated with Fraud Victimization? (https://finrafoundation.org/sites/finrafoundation/files/2025-06/Foundation_Research_Brief_Exposed_to_Scams.pdf) (2025). Authored by researchers from the FINRA Foundation, BBB Institute for Marketplace Trust, University of Minnesota, University of Virginia and the Good People Research Company.
* Do older adults' "routine activities" increase fraud risk? An analysis of the factors that might affect the risk of fraud victimization. (https://finrafoundation.org/sites/finrafoundation/files/2025-02/research-brief-older-adults-fraud-risk.pdf) (2025). Authored by researchers from the FINRA Foundation, University of Minnesota and RTI International.
* Does It Help to Worry? Exploring the Association Between Worry About Investment Fraud and Investing Behavior. (https://finrafoundation.org/sites/finrafoundation/files/2024-10/insights-does-it-help-to-worry.pdf) (2024). Authored by researchers from FINRA, the FINRA Foundation and University of Rhode Island.
* Does One Size Fit All An Examination of Risk Factors by Scam Type. (https://finrafoundation.org/sites/finrafoundation/files/2024-10/Does-One-Size-Fit-All-An-Examination-of-Risk-Factors-by-Scam-Type-Brief.pdf) (2022). Authored by researchers from the FINRA Foundation, University of Minnesota and Duke University.
* Blame and Shame in the Context of Financial Fraud. (https://finrafoundation.org/sites/finrafoundation/files/2024-10/Blame-and-Shame-in-the-Context-of-Financial-Fraud.pdf) (2022). Authored by the FINRA Foundation, AARP and Heart+Mind Strategies.
Scam Awareness Campaigns Aimed at Consumers
* Trusted Contact Video (https://www.finra.org/investors/investing/investment-accounts/brokerage-accounts#trusted-contacts) and Fact Sheet (by FINRA, SEC Staff and NASAA)
* Infographic: Government Imposter Scams (http://www.finra.org/sites/default/files/2026-03/ABA_Foundation_Government_Imposter_Scams_Infographic.pdf) (by ABA Foundation, FINRA, SEC staff, CFTC, U.S. Secret Service, U.S. Department of Justice, FinCEN and the U.S. Postal Inspection Service)
* Infographic: Crypto Investment Scams (https://www.finra.org/sites/default/files/2024-10/2024-ABA-Cryptocurrency-Infographic-Printable.pdf) (by ABA Foundation, FINRA, SEC staff, CFTC, U.S. Secret Service, U.S. Department of Justice, Homeland Security Investigations IRS-CI) Selected FINRA Investor Insights
(For more, visit https://www.finra.org/investors/insights)
* Customer Account Takeovers: What They Are and How to Protect Yourself (https://www.finra.org/investors/insights/customer-account-takeovers) (April 2026)
* 4 Tips to Know Before Buying Physical Precious Metals (https://www.finra.org/investors/insights/physical-precious-metals) (March 2026)
* Understanding Timeshare Exit Fraud (https://www.finra.org/investors/insights/timeshare-exit-fraud) (March 2026)
* Brokerage and Advisory Accounts: Factors to Consider When Choosing an Account Type (https://www.finra.org/investors/insights/brokerage-advisory-accounts) (February 2026)
* Feeder Funds and Retail Investors (https://www.finra.org/investors/insights/feeder-funds) (January 2026)
* What are Funds of Funds (https://www.finra.org/investors/insights/funds-of-fundshttps://www.finra.org/investors/insights/funds-of-funds) (January 2026)
* Using Credit Cards for Investing: Exercise Caution (https://www.finra.org/investors/insights/credit-cards-and-investing) (December 2025)
* Investor Alert: Social Media 'Investment Group' Imposter Scams Continue to Rise (https://www.finra.org/investors/insights/investment-group-imposter-scams) (December 2025)
* Tips for Managing Money After the Loss of a Spouse (https://www.finra.org/investors/insights/managing-money-after-losing-spouse) (December 2025)
* Be Alert to Investor Risks from SMS Phishing Scams (https://www.finra.org/investors/insights/sms-phishing-scams) (November 2025)
* Investor Bulletin: World Investor Week 2025 (https://www.finra.org/investors/insights/world-investor-week-2025) (October 2025)
* Tips to Avoid Mail Theft-Related Check Fraud (https://www.finra.org/investors/insights/mail-theft-check-fraud) (September 2025)
* Investor Bulletin: Why You Should Consider Adding a Trusted Contact to Your Account (https://www.finra.org/investors/insights/world-investor-week-2025) (August 2025)
* Steps Older Adults Can Take to Reduce Fraud Risk (https://www.finra.org/investors/insights/older-adults-reduce-fraud-risk) (August 2025)
* Protecting Older Investors from Financial Exploitation (https://www.finra.org/investors/insights/older-investors-financial-exploitation) (July 2025)
* Investor Bulletin: Making Sense of Financial Professional Designations (https://www.finra.org/investors/insights/making-sense-professional-designations) (June 2025)
* Know the Risks of Using Home Equity Loans for Investing (https://www.finra.org/investors/insights/risks-home-equity-for-investing) (June 2025)
* Key Terms for Tough Times: The Vocabulary of Stressed Markets (https://www.finra.org/investors/insights/key-terms-tough-times-vocabulary-stressed-markets) (June 2025)
* Relationship Investment Scams: What They Are and Tips to Avoid Them (https://www.finra.org/investors/insights/avoiding-relationship-investment-scams) (May 2025)
* Recovering from Investment Fraud: Start with These 6 Steps (https://www.finra.org/investors/insights/recovering-from-investment-fraud) (May 2025)
* Stock Investing and Due Diligence (https://www.finra.org/investors/insights/stock-investing-due-diligence) (April 2025)
* Bond Investing and Due Diligence (https://www.finra.org/investors/insights/bond-investing-due-diligence) (April 2025)
* Avoiding Pump-and-Dump Scams (https://www.finra.org/investors/insights/pump-and-dump-scams) (April 2025)
* Five Steps You Can Take to Boost Financial Capability (https://www.finra.org/investors/insights/steps-to-boost-financial-capability) (April 2025)
Investor Tools (available at https://www.finra.org/investors/tools-and-calculators)
* FINRA BrokerCheck: confirm whether investment professionals and firms are licensed
* Fixed Income Data Center: find fixed income security and trade information
* Market Data Center: find market information including stock quotes and other data on equities, options and mutual funds
* Investment Professional Designations: research what it takes to earn and maintain an investment designation--and what the designation's acronym stands for
* Retirement Calculator: help make sure you have enough to see you through retirement
* 401(k) and IRA Required Minimum Distribution Calculator: determine your Required Minimum Distribution (RMD) from a traditional 401(k) or IRA
* 401(k) 'Save the Max' Calculator: determine if you are maximizing your 401(k) contributions each pay period under allowed IRS limits
* Risk Meter: see whether you share traits that make investors vulnerable to fraud
* Scam Meter: this tool will help you tell if an investment opportunity might be a scam
* Con 'Em If You Can: learn about the types of persuasion tactics used to perpetrate financial fraud, so they are better able to defend against these tactics
* Smart Investing Courses: learn about key investing topics, including setting goals, risk and return, fees and expenses and more FINRA Social Media Accounts Sharing Financial Literacy & Scam Awareness Messaging
* FINRA on LinkedIn (https://www.linkedin.com/company/finra/)
* FINRA on Facebook (https://www.facebook.com/FinancialIndustryRegulatoryAuthority)
* FINRA on Instagram 9https://www.instagram.com/finraofficial/)
* FINRA Foundation on LinkedIn (https://www.linkedin.com/company/finra-investor-education-foundation)
* FINRA Foundation on Facebook (https://www.facebook.com/FinraFoundation)
Selected Investor Protection Resources for the Securities Industry and Other Professionals
* FINRA Financial Intelligence Fusion Center (https://fifc.finra.org/)
* Senior Investor Protection Resources for Firms (https://www.finra.org/sites/default/files/2025-06/Senior_Investor_Protection_Resources_for_Broker-Dealers.pdf)
* Scam Prevention & Assistance Resources for Firms (https://www.finra.org/rules-guidance/key-topics/scam-prevention-assistance-resources)
* Tools for Assisting Victims of Financial Fraud (https://finrafoundation.org/assisting-victims-fraud)
* Financial Fraud Victim Journey Map (https://finrafoundation.org/sites/finrafoundation/files/Fraud_Victim_Journey_Map.pdf)
* FINRA Foundation Resources for Fraud Fighters (http://www.finrafoundation.org/fraudfighter)
* FINRA Events & Training
* Elder Financial Fraud: Identifying, Preventing, and Responding as a Financial Professional (https://www.finra.org/events-training/conferences-events/elder-financial-fraud-webinar/june-10-2025)
* FINRA On-Demand Education (https://www.finra.org/events-training/on-demand-education), including Financial Crimes Spotlight Webinars
* FINRA Crypto and Blockchain Education Program (https://www.finra.org/events-training/FINRA-crypto-and-blockchain-education-program)
* Regulatory Element, CE Course: Disrupting the Cycle of Financial Fraud: Understanding Scam Trends (https://www.finra.org/registration-exams-ce/continuing-education/regulatory-element-topics-learning-plan?field_ce_year_target_id=166931#373661)
* Regulatory Element, CE Course: Reg BI: Preparing a Recommendation for a Particular Retail Customer (https://www.finra.org/registration-exams-ce/continuing-education/regulatory-element-topics-learning-plan?field_ce_year_target_id=166931#373651)
* Senior SAFE Act Training (https://www.finra.org/rules-guidance/key-topics/senior-investors/elder-abuse-prevention-training) and Fact Sheet (https://www.finra.org/sites/default/files/senior_safe_act_factsheet.pdf) (by FINRA, SEC Staff and NASAA)
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(Continues with Part 2 of 2)
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Original text here: https://www.aging.senate.gov/download/testimony_kieffer-041526pdf
Financial Asset Management President Kahan Testifies Before Senate Special Committee on Aging
WASHINGTON, April 27 -- The Senate Special Committee on Aging issued the following written testimony by Scott Kahan, president and senior financial planner at Financial Asset Management Corp, Chappaqua, New York, from an April 15, 2026, hearing entitled "Empowering Seniors through Financial Literacy: Tools to Protect Savings, Prevent Fraud, and Promote Independence":* * *
Chairman Scott, Ranking Member Gillibrand, and distinguished Members of the Committee:
Good afternoon. My name is Scott Kahan, CFP(R). I am a CERTIFIED FINANCIAL PLANNER(R) professional and the Principal and Senior Financial ... Show Full Article WASHINGTON, April 27 -- The Senate Special Committee on Aging issued the following written testimony by Scott Kahan, president and senior financial planner at Financial Asset Management Corp, Chappaqua, New York, from an April 15, 2026, hearing entitled "Empowering Seniors through Financial Literacy: Tools to Protect Savings, Prevent Fraud, and Promote Independence": * * * Chairman Scott, Ranking Member Gillibrand, and distinguished Members of the Committee: Good afternoon. My name is Scott Kahan, CFP(R). I am a CERTIFIED FINANCIAL PLANNER(R) professional and the Principal and Senior FinancialPlanner at Financial Asset Management Corporation in New York. Thank you for the opportunity to testify about this important topic of empowering seniors through financial literacy, especially during April, which is Financial Literacy Month.
As a CFP(R) professional, helping clients achieve their financial goals has been my driving passion throughout a career spanning more than 40 years. Over that time, I have witnessed shifts in investment management, technology, financial planning strategies, and consumer preferences, but one thing has always held true: financial planning - taking a comprehensive and long-term approach - is what provides the best roadmap to financial wellness. I launched Financial Asset Management Corporation in 1986 with the vision to provide individuals, families, and small businesses with tools and resources to make and implement informed financial decisions. From my earliest days as a CERTIFIED FINANCIAL PLANNER(R) professional, I have been committed to providing the best financial planning services to my clients, regardless of their net worth. In 2026, that vision remains the same and is the cornerstone to the success of the firm and our clients.
Being a CFP(R) professional is at the heart of everything I do. For more than 50 years, CERTIFIED FINANCIAL PLANNER(R) certification has been the standard of excellence for financial planners.
CFP(R) professionals like me are required to meet extensive training and experience requirements and make a commitment to CFP Board,1 as part of their certification, to comply with high standards of competency and ethics, including a fiduciary obligation to act in the clients' best interests at all times when providing financial advice. The CFP(R) professionals who share this commitment operate within various business models, working for investment advisers, broker-dealers, and insurance companies across all 50 states and United States territories and serving millions of CFP Board of Standards sets and upholds standards for financial planning and administers the prestigious CERTIFIED FINANCIAL PLANNER(R) certification -- widely recognized by the public, advisors and firms as the standard for financial planners -- so that the public has access to the benefits of competent and ethical financial planning. CFP Board Center for Financial Planning addresses diversity and workforce development challenges and conducts and publishes research that adds to the financial planning profession's body of knowledge.
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1 CFP Board is the professional body for personal financial planners in the United States. CFP Board consists of two affiliated organizations focused on advancing the financial planning profession for the public's benefit.
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American families. Today, there are more than 107,000 CFP(R) professionals certified by CFP Board, representing more than one-third of all retail financial professionals in the United States./2
I have always been a passionate advocate for the financial planning profession. Early on in my career, I made a commitment to educating future financial planners. When I was 29 years old, I started the educational program for CFP(R) certification at New York University (NYU). I taught at NYU as an Adjunct Associate Professor of Financial Management for many years and was recognized for my contributions with the Award for Teaching Excellence. I have also taught aspiring financial professionals at Baruch College in Manhattan and Marymount College in Westchester County, New York, and today often serve as a mentor to new CFP(R) professionals and new CFP(R) candidates as they begin their careers.
I have also worked to build the professional community of financial planners, including in leadership roles with the membership organization for CFP(R) professionals - the Financial Planning Association (FPA). I served on FPA's National Board of Directors for five years and chaired its Metro New York chapter. After my time on the Board concluded, I continued to stay engaged by chairing several of FPA's educational conferences and serving as a member of the Editorial Advisory Board for FPA's Journal of Financial Planning.
I believe in financial planning's ability to change all Americans' lives, including those who do not have a significant amount of assets, and have devoted my professional experience to serving and educating the broader public. Like so many others at the time, this came into focus for me on September 11, 2001. As a life-long New Yorker, I happened to be in San Diego when the towers were struck. Stranded in California, I was distraught knowing the financial uncertainty, loss of income, insurance and settlement issues, disability claims, and a host of other challenges victims would be facing. I resolved that I would use my skills as a CFP(R) professional to assist victims pro bono (without charging them a fee) and would do what I could to rally others to the cause. Working with FPA, I helped to provide services to impacted families in New York and Washington, D.C. As the 9/11 Settlement Funds were created, volunteer financial planners helped ensure that free, quality advice could guide families through the myriad decisions that they were forced to make and to help enhance the financial security of families that had already been through so much.
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2 CFP Board conducts and publishes research on behalf of its certificants to demonstrate the impact of personalized financial advice and financial planning on Americans' well-being. CFP Board also seeks to meet the clear consumer need and demand for competent and ethical financial planners for all Americans - whether in New York City, Kissimmee, Florida, or Toledo, Ohio - by cultivating a high-quality workforce and ensuring the profession can retain the talent it needs to grow. CFP Board fills that need by creating resources for firms in the profession to assist with recruitment, onboarding, training, career development, and retention, and by providing scholarships for qualified individuals to meet the educational requirements for CFP(R) certification.
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Working with families impacted by 9/11 has been an important part of my career and where my deep commitment to providing pro bono financial planning services took root. Through that experience, I learned that pro bono financial planning plays a vital role in expanding access to financial education and advice for underserved communities because it addresses both immediate financial challenges while also fostering long-term financial stability and literacy. I continued to provide pro bono financial planning to those in my community, including through one-on-one sessions with families struggling to save for their futures while also working to manage everyday realities - reducing payments on high interest credit cards, meeting rent payments, and ensuring they have put enough money away in an emergency fund.
I have been working with others to help the financial planning profession expand its commitment to pro bono services and make an impact on everyday Americans' individual's financial wellness. To encourage other CFP(R) professionals to offer pro bono services, I became involved in the
Foundation for Financial Planning (FFP), a nonprofit organization dedicated to providing pro bono financial planning services to those in need. I was Chair of FFP's Board of Trustees several years ago and still serve on the Board of that organization. In 2017, my commitment to giving back to both the financial planning community and the public was recognized with FPA's Heart of Financial Planning Award. I also received the P. Kemp Fain Jr. Award in 2022, which honors individuals who have made significant contributions to the financial planning profession across service to society, academia, government, and professional activities. I hope that I have inspired other CFP(R) professionals to pro bono service. CFP Board reports that, in 2025, about 20% of CFP(R) professionals performed nearly 435,000 pro bono hours/3 - a number I am incredibly proud of, though I know we can do more.
As a CFP(R) professional, I know that access to financial planning for all Americans is crucial. CFP(R) professionals like me often serve as a client's first meaningful "financial educator," providing skills that extend beyond individual transactions. We work directly with individuals and families across the full spectrum of financial decision-making - budgeting, investing, tax planning, insurance, college planning, retirement planning, and estate planning - providing them financial education and guidance along the way. In this role, CFP(R) professionals can help provide financial education that can serve as the first line of defense against fraud, like a financial first responder. They may also observe early warning signs of financial distress or fraud - such as unusual account activity, manipulative schemes and scams, or financial exploitations - and are uniquely positioned with their firms to help detect and combat it with tools available through measures like report and hold laws.
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3 CFP Board News Release, CFP Board Reports Record Growth in CFP(R) Professionals and Exam Candidates in 2025 (January 15, 2026), https://www.cfp.net/news/2026/01/cfp-board-reports-record-growth-in-cfpprofessionals-and-exam-candidates-in-2025.
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Unfortunately, older Americans seem to be disproportionately targeted by fraud, which has become increasingly sophisticated with artificial intelligence allowing fraudsters to clone family members or colleagues or facilitate relationship scams. Too often, victims of such frauds lose a substantial portion of their life savings, money they were relying upon for retirement or to help their families.
Unlike younger victims, older Americans frequently do not have time or income to recover if they are victimized. And, because the current tax code provides little recourse for these non-disasterrelated losses, many seniors and other victims face a "double hit": the loss of their assets followed by a lack of tax relief. Thank you to Chair Scott, Ranking Member Gillibrand, and Senators Justice and Moody of this Committee for co-sponsoring the CFP Board-endorsed Tax Relief for Victims of Crimes, Scams, and Disasters Act (S.1773), which would help mitigate the devastating impact of fraud on seniors' retirement security, providing a measure of justice and financial stability for victims of crime and those most vulnerable to predatory actors.
The data show a clear need to prioritize financial literacy and the role of financial planning in it.
Fewer Americans reported "doing okay" financially (39%) or "living comfortably" (34%) in 2024 than they did just a few years prior./4
Of particular concern, only 46% of American adults report having enough savings to cover three months of expenses/5 and 37% say they would struggle to cover a $400 emergency without borrowing./6
Behind these numbers are real families who are one unexpected expense away from financial crisis. Every day, Americans face unexpected and rising costs for food, energy, hospital bills, car repairs, home maintenance, childcare, and more. We must focus on uplifting our neighbors before they fall on hard times, which, in turn, helps support our local communities and economies. Indeed, the stability of our economy relies on the aggregate of small, daily financial choices made by informed individuals.
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4 Board of Governors of the Federal Reserve System, Economic Well-Being of U.S. Households in 2024, at 5 (May 2025), https://www.federalreserve.gov/publications/files/2024-report-economic-well-being-ushouseholds-202505.pdf.
5 FINRA Investor Educational Foundation, Financial Capability in the United States: Results from the FINRA Foundation's National Financial Capability Study, (2025), https://www.finrafoundation.org/sites/finrafoundation/files/2025-0707/NFCS--Report-Sixt-Sixth-Ed-EditionJuly-2025ion-July-2025.pdf.
6 Economic Well-Being of U.S. Households, supra note 4, at 41.
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Too often, people do not engage a financial planner in making these choices because they feel that they don't have enough money, or they assume they can access free help online, which unfortunately is often false or misleading at best. The reality is that holistic financial planning goes beyond numbers like income or investable assets and can help everyone align their goals and values with practical strategies for confidence and peace of mind.
CFP(R) professionals like me also help families anticipate and plan for the "unexpected." There are many situations that may be unexpected for impacted individuals that I see as a financial planner repeatedly. For example, far too often, older people lose their jobs before retirement and are forced to use college funds or retirement funds to make ends meet. In other situations, wage earners become disabled, divorced, or cognitively impaired through early onset of Alzheimer's disease or other illnesses. Other times, people who have done all the right things and are now retiring make less than optimal choices about when to take Social Security to maximize their income or which Medicare program makes the most sense, swayed by commercials or individuals who may not have their best interests in mind.
I experienced this myself when I turned 65, two years ago. My group plan insurance company gave me incorrect information regarding my choices about staying on my group plan versus Medicare.
Fortunately, I realized my mistake before it was too late and was able to make a correction. The socalled sandwich generation also faces challenges. There are countless Americans who are trying to save for college for their children and their own retirement while also being financially responsible for their parents. I also personally experienced this with my family. My parents retired at 51 from a family-owned business in the garment center in New York and moved to Florida. Their accountant led them to believe that they had enough money to last through their golden years. However, the first financial plan I made was to show them that they would run out of money within 10 years if they did not change their spending habits. Unfortunately, I was right, and for most of their retirement years, I supported them while trying to save for college for my children, pay my bills, and plan for my own retirement.
So many people I have met over the years are in similar situations. As a CFP(R) professional, I have resources to address these situations, but what is an average American without access to the same resources to do? You shouldn't have to be wealthy to benefit from financial planning. Americans need greater access to guidance from professionals - like CFP(R) professionals - to put financial education into action and prepare for the unexpected and achieve lasting financial wellbeing. For that reason, CFP Board supports federal tax incentives to make professional financial advice more accessible and affordable, particularly for middle- and lower-income Americans. By making expert financial guidance more easily reached, we can help all Americans prepare for the unexpected and harden the defenses of vulnerable populations before a single dollar is lost to fraud.
This isn't an opinion, it's a fact. The data demonstrates the benefits of working with a financial planner like a CFP(R) professional. CFP Board's 10-year Longitudinal Study tracks the impact of holistic financial planning on the financial wellness of American families. The data collected for 2025 show that 51% of people advised by a CFP(R) professional describe themselves as "living comfortably," which is 20 percentage points higher than non-advised Americans (31%)./7
Further, 83% of individuals working with a CFP(R) professional report having at least three months of emergency savings (compared to just 46% of adults nationally), and 94% have confidence in achieving their financial goals./8
Working with a CFP(R) professional allows everyday Americans to build the resilience to weather financial storms and build a sound, dignified financial life, from the earliest days into retirement.
In closing, financial literacy and access to trusted, professional financial guidance are essential to helping older Americans maintain independence, dignity, and security throughout retirement. CFP(R) professionals play a vital role in educating individuals and families, helping them prepare for the unexpected, and serving as a first line of defense against fraud and financial exploitation. By strengthening financial knowledge, expanding access to competent and ethical financial planning for all Americans, and supporting policies that protect victims and promote resilience, we can help ensure that seniors are better equipped to navigate financial complexity and safeguard the savings they have worked a lifetime to build. Thank you for your leadership on these issues and for the opportunity to share my perspective today.
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7 CFP Board, Trust, Confidence, Impact: 2025 Financial Planning Longitudinal Study, https://www.cfp.net//media/files/cfp-board/knowledge/reports-and-research/consumer-surveys/financial-planning-longitudinalstudy-2026.pdf.
8 Id.
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Original text here: https://www.aging.senate.gov/imo/media/doc/1539e357-a932-88c1-943e-d9eae24e1c05/Testimony_Kahan%2004.15.26.pdf
All Rise Chief Counsel Tate Testifies Before Senate Veterans' Affairs Committee
WASHINGTON, April 27 -- The Senate Veterans' Affairs Committee released the following testimony by Army Major Gen. Clyde J. 'Butch' Tate II (ret.), chief counsel of All Rise, from an April 15, 2026, hearing entitled "Programs for Justice-Involved Veterans":* * *
Chair Moran, Ranking Member Blumenthal, and distinguished members of the Senate Committee on Veterans' Affairs, it is an honor to testify today.
It is also an honor to be here with such a distinguished panel of veterans, innovators, and thought leaders in our justice system, and with a veteran who has witnessed our justice system at ... Show Full Article WASHINGTON, April 27 -- The Senate Veterans' Affairs Committee released the following testimony by Army Major Gen. Clyde J. 'Butch' Tate II (ret.), chief counsel of All Rise, from an April 15, 2026, hearing entitled "Programs for Justice-Involved Veterans": * * * Chair Moran, Ranking Member Blumenthal, and distinguished members of the Senate Committee on Veterans' Affairs, it is an honor to testify today. It is also an honor to be here with such a distinguished panel of veterans, innovators, and thought leaders in our justice system, and with a veteran who has witnessed our justice system atits best.
As an Army veteran and the son of a 36-year, combat-wounded Army infantryman, no issue is more important to me than serving our veterans who have fought so bravely for our freedom.
And no issue is more pressing than ensuring that justice-involved veterans get the services they need to recover, heal, and reintegrate into their community. Along with the efforts to put a veterans treatment court within reach of every veteran in need, today, I believe we have a clearer path forward to improve outcomes for our veterans because of the Congressional support for the National Center on Veterans Justice. Thank you.
When I served as the Army's Deputy Judge Advocate General, I witnessed countless examples of the unparalleled honor, sacrifice, and resilience of our military members. I also came to understand the many ways in which our service members can have difficulty transitioning to civilian life, and how, despite a myriad of local, state, and federal benefits and support, some fall through the cracks and become involved in the justice system. Too many veterans are impacted by substance use, mental health, trauma, and other medical conditions closely associated with their prior military service, and are increasingly at risk for justice involvement.
In 2014, as my retirement after 31 years of service drew closer, I found myself searching for some way to remain involved in supporting our military and veteran communities. Around this time, I was invited by the nonprofit All Rise to attend a training on veterans treatment courts (VTCs). I knew that VTCs were serving justice-involved veterans--those at the greatest risk of reoffending and with the highest need for services--and that VTCs were based on the success of the drug court model. I was not aware of the impact this training would have on my life. The training closed with the swearing-in of over 50 volunteer veterans who had been trained that week to serve as mentors in VTCs. Pride and dedication to the mission of recovery were evident on their faces as they pledged to serve veterans in need. The experience left a profound impact.
For the past nine years, I have been honored to have a small hand in these efforts as chief counsel for All Rise.
Our mission at All Rise is to reduce crime and make communities safer and healthier by addressing the intersection of substance use, mental health, and crime at every stage of the justice system, serving civilians and veterans alike. We advance proven, accountability-driven responses that strengthen community safety, target the underlying factors that fuel repeat offending, and support broader public safety priorities. We ground our work in research, collaborate with practitioners in the field, and listen to the people, both civilians and veterans, who have direct experience with the justice system.
With the authorization of the Veterans Treatment Court Program in 2016, the Bureau of Justice Assistance (BJA), Office of Justice Programs, has provided indispensable leadership, clear policy guidance, and targeted funding, enabling courts to establish and strengthen VTCs. BJA's sustained investment in training and capacity building has been critical to equipping all VTC teams, with or without a grant award, with the skills and resources needed to improve outcomes for justice-involved veterans. Because of BJA's commitment to excellence, all VTCs have benefited from federal investment.
The impact of BJA's work has been broad and measurable: improved identification of veterans at arrest and intake, expanded access to court interventions for veterans, more timely linkage to behavioral health and social services, and stronger coordination among courts, the Department of Veterans Affairs (VA), community partners and providers, and local systems. BJA's support for training and peer-to-peer learning has professionalized VTC teams--judges, probation officers, prosecutors, defense counsel, treatment providers, and VA specialists--raising fidelity to best practices and promoting consistent, accountable program models that are replicable and sustainable. In short, BJA's leadership has been instrumental in transforming how the justice system serves veterans, strengthening public safety while honoring our obligations to those who have served.
For the past 16 years, and with BJA support, All Rise's training division for veterans, Justice for Vets has led training and services for VTCs through strengthening the knowledge, skills, and abilities of all those involved, from the judge to the probation officer, from the treatment provider to the VA Veterans Justice Outreach (VJO) specialist. Much like our military "schoolhouses" ensure the highest levels of operational proficiency for our service members, Justice for Vets' "mobile schoolhouse" ensures the same for those serving justice-involved veterans. Independent evaluations show that courts receiving pre-implementation training are twice as cost-effective and achieve up to a 50% greater reduction in recidivism compared with courts that do not receive training.
Additionally, since its establishment in 2009, the VJO Program has been an indispensable partner in VTCs. VJO Specialists at every VA medical center conduct proactive outreach to justiceinvolved veterans in jails, courts, probation and parole settings, and in the community to identify veterans in need and immediately connect them to VA health care, mental health and substance use treatment, housing assistance, and other benefits. By building and sustaining formal partnerships with prosecutors, defenders, judges, corrections, and community providers, the VJO Program ensures that veterans can access evidence-based services at the earliest possible point, reducing recidivism, improving health outcomes, and supporting long-term reintegration.
By integrating evidence-based approaches with military culture, Justice for Vets has played a significant role in helping jurisdictions reduce recidivism, support lasting recovery, and promote long-term success for those who have served.
Whom VTCs Serve
VTCs produce the greatest benefit for veterans with the most severe challenges. Research shows that VTCs are most effective when they serve veterans who are both high criminogenic risk (greater likelihood of reoffending) and high clinical need (substantial behavioral health or medical needs). Risk and need are determined through validated screening and assessment, a standard practice in VTCs and a foundational component of any system seeking to place veterans in alternative programming. These assessments enable efficient identification of eligible veterans, clarify clinical and criminogenic needs, and inform case supervision, treatment planning, and case trajectory. Critically, these assessments are essential for identifying individuals at heightened risk for overdose or death by suicide and expeditiously referring them to service providers, thus allowing courts and agencies to respond swiftly and save lives.
A veteran assessed as high risk is more likely to experience poor outcomes under standard community supervision or in traditional treatment settings, often because of antisocial behavior, antisocial thinking, and association with antisocial peers. These veterans also typically have high clinical need: multiple medical conditions, severe substance use or mental health disorders, and significant psychosocial challenges such as homelessness, unemployment, social isolation, or family estrangement. Tailored, intensive interventions within the VTC framework are therefore essential to address this confluence of risk and need and to improve public safety and veteran recovery.
Why VTCs Are Successful
These intensive programs pair close supervision and accountability with robust, evidence-based treatment. When VTCs adhere to evidence-based practices, serve the appropriate population, and ensure that team members receive continuous education and training, these courts have been proven to reduce recidivism, enhance individual outcomes, and save taxpayer dollars. They also improve housing stability, employment, and financial security, all strong indicators for lasting rehabilitation and reintegration. Their success lies in their collaborative approach: judges, prosecutors, defense attorneys, probation officers, and law enforcement working in concert with VA and community treatment providers, as well as local social and veteran service organizations.
Participant progress is closely monitored, and interventions are adjusted in real time based on the individual's response to modification strategies directed by the court, service, or supervision, and treatment adjustments recommended by treatment clinicians.
Additionally, the inclusion of trained volunteer veteran mentors provides essential peer support and camaraderie, reinforcing each participant's sense of identity and connection. These veteran mentors provide social connectedness well beyond program completion. As role models, they positively influence an individual's sense of purpose, social responsibility, and commitment to a law-abiding lifestyle.
Today, there are approximately 600 court programs specifically designed for veterans who are at high risk of reoffending and who have high clinical and social needs.
The success of VTCs has catalyzed nationwide innovation and partnership. Developments range from the VA's VJO Program to improved arrest and booking procedures that more reliably identify veterans at intake, expanded community-based family services, and local crisis intervention teams. These advances have also strengthened collaboration with policy and research organizations. For example, All Rise has partnered with the Council on Criminal Justice. I participated in the Council's work and am honored to have been a part of the Council's Veterans Justice Commission, which has done vital work educating policymakers and
practitioners about the challenges veterans face in the justice system. All Rise was proud to support the Commission's efforts to provide a blueprint for policy work that properly supports VTCs and, in 2024, endorsed the Veterans Justice Act: A Model Policy Framework.
Next Steps
VTCs are not appropriate for every veteran, as risk of reoffense and service needs vary, but they are a critical component of a community's continuum of care for justice-involved veterans. We are committed to partnering with state and local stakeholders to build and sustain coordinated, multidisciplinary systems of accountability at every stage of justice involvement and across the continuum of care.
Historically, VTCs have most often intervened at initial detainment, arraignment, or the pretrial phase. However, veterans can be effectively intercepted at multiple points: in the community through local law enforcement, at reentry from jail or prison, and within community corrections.
The structured, evidence-informed approach that All Rise's Justice for Vets has implemented in jurisdictions nationwide can and should be replicated at these additional intercept points to improve outcomes for veterans and public safety.
As we support communities in building a comprehensive continuum of care for justice-involved veterans, we must address a range of nationwide needs: a central, national hub to develop and disseminate practice guidelines; targeted training, follow-up coaching, and hands-on implementation support for jurisdictions; and robust accountability through readiness assessments, performance metrics, and outcome tracking.
A successful national hub should be anchored by strategic partnerships with institutions of higher learning, including law school veterans legal clinics, military-affiliated student centers, and active local VTCs, to create an integrated ecosystem for rigorous research, practical training, student engagement, and real-world implementation. Such partnerships will expand workforce capacity, strengthen evidence generation, and accelerate replication of proven practices.
The broader impact of a national hub would be substantial: standardizing quality across programs, improving veteran access to behavioral health and social supports, reducing recidivism, generating cost savings for criminal justice and health systems, and enhancing public safety while promoting recovery and stability for veterans. Establishing this multidisciplinary, evidence-driven center is a strategic, high-impact investment we cannot afford to delay.
We ask much of those in uniform, and they ask little in return. All too often, they are the last to ask for help. Veterans treatment courts are not only more effective and efficient forms of justice, but they also help us meet our moral obligation to ensure that veterans receive the benefits and treatment they have earned.
Thank you, Chair Moran, Ranking Member Blumenthal, and committee members, for your time and your commitment to our nation's veterans, including those who are justice-involved. We appreciate your work to help us ensure that no veteran is left behind.
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Original text here: https://www.veterans.senate.gov/services/files/73D932E5-EC48-4241-A9E3-6F8E73C2941A
American Bankers Association Foundation VP Kunjukunju Testifies Before Senate Special Committee on Aging
WASHINGTON, April 26 -- The Senate Special Committee on Aging released the following testimony by Sam Kunjukunju, consumer education vice president of the American Bankers Association Foundation, from an April 15, 2026, hearing entitled "Empowering Seniors through Financial Literacy: Tools to Protect Savings, Prevent Fraud, and Promote Independence":* * *
Chairman Scott, Ranking Member Gillibrand, and members of the Committee, thank you for the opportunity to testify for today's hearing entitled "Empowering Seniors Through Financial Literacy: Tools to Protect Savings, Prevent Fraud, and Promote ... Show Full Article WASHINGTON, April 26 -- The Senate Special Committee on Aging released the following testimony by Sam Kunjukunju, consumer education vice president of the American Bankers Association Foundation, from an April 15, 2026, hearing entitled "Empowering Seniors through Financial Literacy: Tools to Protect Savings, Prevent Fraud, and Promote Independence": * * * Chairman Scott, Ranking Member Gillibrand, and members of the Committee, thank you for the opportunity to testify for today's hearing entitled "Empowering Seniors Through Financial Literacy: Tools to Protect Savings, Prevent Fraud, and PromoteIndependence." My name is Sam Kunjukunju, and I am the Vice President of Consumer Education at the American Bankers Association Foundation (ABA Foundation), a 501(c)3 subsidiary of the American Bankers Association (ABA),/1 which develops programs and resources to help banks support the financial well-being of their customers and communities.
The ABA Foundation provides the banking industry with free financial education programs. For more than a century, the Foundation has worked alongside banks of all sizes to help strengthen consumers' financial capability at every stage of life - particularly for older adults navigating retirement, digital changes, and financial caregiving.
Banks play a unique and essential role in supporting the financial health of older Americans. As trusted institutions deeply rooted in their communities, banks are often the first, and most consistent, financial touchpoint for older people and their families. Every day, bank employees help older customers manage retirement income, protect their savings, recognize and avoid scams, and adapt to an increasingly digital financial system. These relationships position banks not only as providers of financial services, but also as front line educators and protectors of financial security.
Recognizing the growing financial challenges facing older adults, the ABA Foundation develops and delivers educational tools and campaigns that empower banker volunteers to meet people where they are, whether in bank branches, senior centers, community organizations, or online.
Through close partnerships with federal agencies, nonprofits, and local leaders, banks help reinforce financial literacy as a practical safeguard against fraud, financial hardship, and loss of independence in retirement. In the last three years alone, these efforts enabled more than 1,300 banks and 110,000 bank volunteers to reach over 6 million people with financial literacy presentations and resources, reflecting both the scale of industry commitment and the trust communities place in bankers.
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1 The American Bankers Association is the voice of the nation's $25.3 trillion banking industry, which is composed of small, regional, and large banks that together employ over 2 million people, safeguard $20.1 trillion in deposits and extend $13.5 trillion in loans.
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We appreciate the Committee's focus on financial literacy as a cornerstone of financial well-being, and I welcome the opportunity to share how the banking industry, ABA, and the ABA Foundation are helping older Americans build resilience, protect their assets, and age with financial confidence.
Introduction
America is rapidly aging. Approximately 11,000 Baby Boomers/2 are turning 65 every day and this trend will continue until 2030, when older adults will comprise 20% of the U.S. population.
Just four years later, there will be more people of retirement age than children under 18 for the first time in America's history./3
At the same time, elder financial exploitation is rising. Between 2024 and 2025, the Federal Bureau of Investigation observed a nearly 60% increase in reported financial losses and a 37% increase in complaints among individuals aged 60 and older./4,5
When accounting for underreporting, the Federal Trade Commission estimated that annual losses might have been as high as $81.5 billion among older Americans in 2024 alone./6
Financial exploitation not only drains savings; it also undermines older Americans' financial well-being and threatens the retirement security they have spent decades building.
ABA and the ABA Foundation Efforts
Given this reality, ABA and the ABA Foundation have developed a four-pronged strategy to help protect older people through close collaboration with banking partners, focusing on:
* Educating Consumers
* Training Bankers
* Cultivating Partnerships with Law Enforcement and Adult Protective Services
* Leveraging Technology for Good
Educating Consumers
In 2016, the ABA Foundation launched the Safe Banking for Seniors national campaign to equip bankers with the tools they need to educate older adults, and the people who support them, on protecting their financial assets and identities. The program is designed for bankers to deliver workshop presentations in their communities to older adults, their caregivers, family members, and other loved ones. We encourage multigenerational learning, recognizing that financial safety is strongest when people of all ages understand risks, share information, and support one another.
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2 https://www.moneytalksnews.com/boomers-retire-every-day-many-without-a-safety-net-how-to-prepare-forthe-peak-crisis/
3 https://www.census.gov/newsroom/press-releases/2018/cb18-41-population-projections.html
4 https://www.ic3.gov/AnnualReport/Reports/2025_IC3Report.pdf
5 https://www.ic3.gov/AnnualReport/Reports/2024_IC3Report.pdf
6 https://www.ftc.gov/system/files/ftc_gov/pdf/P144400-OlderAdultsReportDec2025.pdf
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The program is organized around three central themes: preventing financial exploitation, strengthening financial caregiving, and managing money. Within these themes, nine modules explore the following topics:
1. Identifying and avoiding scams
2. Preventing identity theft
3. Known perpetrator fraud
4. Digital safety matters
5. Choosing a financial caregiver
6. Acting as a responsible financial caregiver
7. Understanding powers of attorney
8. Choosing an executor
9. Retiring with limited resources
Safe Banking for Seniors provides bankers with turnkey materials, including facilitator guides, presentation slides, animated videos, and handouts, to support both in-person and virtual community workshops. The fraud-prevention resources highlight common scam red flags such as unexpected or unknown contact, emotional manipulation, urgency to act, insistence on secrecy, and requests for irreversible payments (e.g., gift cards, cryptocurrency, wire transfers, peer-to-peer payment apps, and cash).
To help safeguard finances, the program encourages individuals and families to avoid unsolicited communications, limit what they share online, use unique passphrases for each account, enable multifactor authentication, keep antivirus software up to date, consult trusted friends and family before making financial decisions, and report suspected fraud promptly.
The program also includes a dedicated financial caregiving guide to help families engage with financial and legal professionals as they prepare for potential cognitive changes. For instance, the guide discusses information about identifying trusted contacts to serve as powers of attorney and encourages customers to speak with bankers and elder law attorneys to plan for their future financial wellbeing. To date, more than 2,000 banks have participated in the Safe Banking for Seniors program, helping educate not only older adults, but also the family members and caregivers in their circle.
Additionally, the ABA Foundation also collaborates with federal partners, including the Commodity Futures Trading Commission (CFTC), the Federal Bureau of Investigation (FBI), the Federal Trade Commission (FTC), the Financial Crimes Enforcement Network (FinCEN), FINRA, Homeland Security Investigations (HSI), Internal Revenue Service Criminal Investigation (IRS-CI), the Securities and Exchange Commission (SEC), the United States Postal Inspection Service (USPIS), and the United States Secret Service (USSS) to produce a series of infographics on scams targeting older adults. These materials highlight issues such as check washing and check theft scams, cryptocurrency investment scams, deepfake media scams, fake check scams, government imposter scams, money mule scams, online dating scams, phishing scams, and tech support scams.
While not aimed exclusively at older people, ABA also launched two campaigns to provide realworld tips for consumers on how to identify common scams and protect themselves:
* The #BanksNeverAskThat campaign, now in its seventh year, uses engaging and humorous videos, quizzes and social media content to highlight common ways scammers try to impersonate banks.
* The #PracticeSafeChecks campaign, now in its third year, offers tips on how people can protect themselves from check fraud, while encouraging consumers to use their bank's digital banking options to send money whenever possible.
Banker Training
Beyond the consumer education campaigns to improve financial education and fraud prevention, both ABA and the ABA Foundation work with bankers to train them to recognize, respond to, and report elder financial exploitation.
ABA offers an online, self-paced course on elder financial exploitation prevention, one of 142 courses that comprise ABA's Frontline Compliance Training program./7
The course teaches bankers how to identify elder financial exploitation, understand how older people might be vulnerable to financial exploitation, and the role banks play in recognizing and reporting signs of such abuse. Most banks require staff to take the course at least annually.
Since 2024, the ABA Foundation has also held a free annual in-person Elder Fraud Prevention Summit. This intensive one-day workshop brings together bank leaders, fraud investigators, researchers, and other experts to advance stronger, more coordinated protections for older people. Key topics include:
* Cognitive aging and financial decision-making
* Red flags, intervention strategies, and case-based- learning
* Cryptocurrency, AI-driven- fraud, and emerging threat vectors
* Trauma informed care and supporting older customers through recovery
The ABA Foundation also hosts several free webinars for the banking industry on a variety of topics relating to safeguarding seniors, including identifying scams, bank partnerships to protect older people, caregiver support, cognitive decline, supporting victims of financial crimes, as well as tackling money mules, among other subjects.
On a state level, the ABA Foundation partners with the 52 state banker associations -- representing the 50 states, the District of Columbia, and Puerto Rico--to equip their member banks with the tools and training needed to safeguard older adults. Through these collaborations, we coordinate a wide range of virtual and in-person training opportunities designed to help banks recognize, prevent, and respond to elder financial exploitation. These joint efforts strengthen industry-wide awareness, promote consistent best practices, and ensure that financial institutions of all sizes have access to high-quality resources to protect older customers.
Additionally, since the onset of the COVID-19 pandemic, ABA created the Senior Protection Taskforce, a forum open to all member banks to discuss challenges and best practices regarding protecting older customers. Bankers meet virtually five to eight times a year to assess trends and discuss ways to better support older people.
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7 https://www.aba.com/training-events/online/frontline-compliance-training
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Cultivating Partnerships with Law Enforcement and Adult Protective Services
Combating elder financial exploitation requires a multifaceted, coordinated strategy--one that brings together financial institutions, law enforcement, and adult protective services to identify, investigate, and stop abuse. In support of this effort, the ABA Foundation works closely with stakeholders such as the National Adult Protective Services Association (NAPSA). Our engagement includes active participation in NAPSA's Committee Against Financial Exploitation (CAFE), sponsorship of their annual financial exploitation summit, and ongoing efforts to connect banks directly with adult protective services professionals.
To further enhance collaboration, the ABA Foundation also convenes a quarterly law enforcement roundtable that brings together investigators from several federal agencies. These discussions provide a dedicated forum to help banks and investigators share emerging trends, improve communication and investigative coordination, and connect the right people when suspecting elder financial exploitation. By facilitating these connections, we help financial institutions and investigators work more effectively together to detect scams, disrupt fraud networks, and safeguard older customers.
Leveraging Technology for Good
Technology plays a critical role in protecting older adults from fraud and financial exploitation.
Through ABA's Partner Network,/8 banks can explore a wide range of innovative software solutions designed to strengthen their fraud prevention efforts and enhance support for older customers. These tools help institutions detect suspicious activity, streamline reporting, and provide customers with safer, more accessible banking experiences.
ABA's extensive network of industry providers offers banks practical, ready-to-use packages that improve customer protection and modernize service delivery. The Partner Network includes more than 50 vetted vendors offering products and services specifically aimed at combating financial crimes, from advanced fraud monitoring systems to customer education platforms. By connecting banks with these proven solutions, ABA helps banks not only fight fraud more effectively but also empower older adults to bank with confidence.
Extensive Bank Efforts
Banks across the country recognize that protecting older adults from financial exploitation requires a diverse set of strategies, and many institutions are taking proactive steps to address the issue from multiple angles. From large institutions to small community banks, banks offer fraud prevention workshops, online bank training, financial wellness seminars, and coordinate outreach efforts with community organizations. Some examples include:
Large Banks
* Bank of America offers the Security Center as a dedicated web resource with tools and tips consumers can take to help protect their personal and financial information from fraud, learn about red flags, and how to avoid scams. Bank of America also offers the Better Money Habits(TM) program, which is a free financial education resource dedicated to helping people manage their money, and includes specific information on financial caregiving, privacy, and security.
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8 www.aba.com/partnernetwork
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* Citi, in partnership with the ABA Foundation, has galvanized a national cadre of bank volunteers to lead Safe Banking for Seniors presentations in communities across the country.
* JPMorgan Chase uses the Consumer Financial Protection Bureau's Money Smart for Older Adults set of materials to lead educational workshops in retirement communities, branches, and other locations to inform older adults about how they can protect their financial assets.
* Wells Fargo instituted an Elder Client Initiative to help coordinate internal stakeholders and educate older customers as well as their families about preventing scams and financial abuse. Wells Fargo offers a free Hands on Banking program that includes information tailored to help older people manage their money safely.
Regional and Mid-Size Banks
* Capital One Bank developed the "Ready, Set, Bank: Online Banking for Older Adults" program with the National Council on Aging. Designed to help older adults manage their money digitally, the program offers virtual financial well-being workshops to help older people feel empowered to bank online.
* MidFirst Bank's "MoneyMoments" financial education program supports financial literacy among people of all ages. As part of the program, their team of bank educators lead movie-themed fraud prevention workshops and distribute senior fraud crossword puzzles to area senior centers to help prevent victimization.
* Old National Bank created the "Money Safety for Seniors" program to enable anyone in the bank's footprint to freely request and participate in a class on how to detect, protect against, and report financial exploitation of seniors.
* TD Bank developed the TD SAFE (Security Awareness for Everyone) program, offering instruction on fraud prevention through tools, articles, seminars, and virtual lessons to educate people of all ages and backgrounds on how to protect their money.
Community Banks
* Amboy Bank created the "Protecting Our Seniors" program, focused on educating seniors in the community about identity theft and financial exploitation. Through the program, they share content via bank mailings, posters, seminars, and a dedicated Senior Safety webpage housed on the bank's website.
* Bank of the Rockies instituted the Senior Champions program at bank branches. Within each branch, the Champions facilitate outreach events to educate seniors about scams, make concerted efforts to connect with socially isolated seniors, and engage elder justice community stakeholders to help protect older people in the bank's footprint.
* First Community Bank partners with the Senior Housing Crime Prevention Foundation to support the Senior Crimestoppers program and leads educational sessions, such as "Cyber Savvy Seniors" to educate older people in the community.
* Somerset Trust Company hosts financial literacy and fraud seminars throughout the bank's footprint to help people identify scams against seniors. The bank also participates in an annual Elder Justice Day seminar with their local Area Agency on Aging and the Pennsylvania Link to educate seniors and caregivers about avoiding financial scams and accessing victim services.
National Strategy
While the banking industry is investing significantly in protecting older people, the scale and sophistication of today's scams require a strategic and coordinated national response. America needs a nationwide public education campaign that brings together federal agencies, nonprofits, and the private sector to deliver a unified, consistent message. The goal would be to expose common scam tactics, such as impersonation, emotional manipulation, urgency, demands for secrecy, and pressure to act quickly and use irreversible payment methods, so the public can recognize these warning signs and resist exploitation more effectively.
This national effort must be grounded in a broader commitment to lifelong financial literacy. A life-cycle approach, one that supports individuals from childhood through retirement, would ensure that people build the knowledge, habits, and resilience needed long before they become older adults. Financial education should be aligned with key life milestones, including entering the workforce, managing credit, starting a family, purchasing a home, and planning for retirement. By preparing people at each stage, we strengthen retirement security and reduce the likelihood that individuals will face financial vulnerability later in life.
At the same time, Congress should consider legislative solutions that empower banks to delay disbursements or hold transactions when they suspect elder financial exploitation. A federal standard, with an appropriate safe harbor, would allow financial institutions to temporarily pause disbursements or hold transactions in instances where the financial institution has a reasonable cause to believe the transaction may be fraudulent. Such a tool would help financial institutions protect older adults and support their financial wellbeing at moments of heightened vulnerability. Establishing a uniform national framework would also eliminate inconsistencies among state laws, enable more decisive action, and ultimately provide stronger, more consistent safeguards for older Americans.
Together, these measures would significantly strengthen the nation's ability to protect older people.
Conclusion
In conclusion, the banking industry is committed to protecting older customers. Through sustained investments in education, training, cross-sector partnerships, and responsible innovation, we continue to strengthen frontline defenses to combat elder financial exploitation.
But as our population ages and financial crimes grow more sophisticated, these efforts must be accompanied by a policy framework capable of meeting the moment. The recommendations outlined today -- a unified national awareness campaign, and clear authority to pause transactions when suspecting financial exploitation - can better prevent fraud, reduce losses, and help older people preserve the financial security they have worked a lifetime to build.
Thank you for the opportunity to testify at today's hearing. I look forward to your questions.
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Original text here: https://www.aging.senate.gov/imo/media/doc/1539e357-a932-88c1-943e-d9eae24e1c05/Testimony_Kunjukunju%2004.15.26.pdf
AARP VP Roszkowski Testifies Before Senate Special Committee on Aging
WASHINGTON, April 26 -- The Senate Special Committee on Aging issued the following testimony by Carly Roszkowski, vice president of financial resilience programming at AARP, from an April 15, 2026, hearing entitled "Empowering Seniors through Financial Literacy: Tools to Protect Savings, Prevent Fraud, and Promote Independence":* * *
My name is Carly Roszkowski, and I am the Vice President of Financial Resilience Programming at AARP. I am honored to be here to testify on behalf of AARP, which advocates on behalf of the 125 million Americans age 50 and older and their families. I would like to ... Show Full Article WASHINGTON, April 26 -- The Senate Special Committee on Aging issued the following testimony by Carly Roszkowski, vice president of financial resilience programming at AARP, from an April 15, 2026, hearing entitled "Empowering Seniors through Financial Literacy: Tools to Protect Savings, Prevent Fraud, and Promote Independence": * * * My name is Carly Roszkowski, and I am the Vice President of Financial Resilience Programming at AARP. I am honored to be here to testify on behalf of AARP, which advocates on behalf of the 125 million Americans age 50 and older and their families. I would like tothank you, Chairman Scott and Ranking Member Gillibrand, and the members of the U.S. Senate Special Committee on Aging for holding this important hearing.
Americans age 50 and older are a rapidly growing demographic facing unique financial challenges, including longer life expectancy for some, increased healthcare costs, a vastly different retirement system than the previous generation, which had more access to defined benefit plans, and heightened exposure to financial fraud. Our research consistently shows that financial resilience in later life depends not only on knowledge but also on access to trusted guidance, protections, and age-appropriate tools.1 Put simply, financial literacy is essential to retirement security. It's the foundation for one's economic security, independence, and dignity in aging.
The retirement system has shifted risk to individuals--but education and support never caught up. The U.S. retirement system now places primary responsibility on individuals to manage saving, investing, and turning those savings into lifelong income. Traditional pensions have largely disappeared; defined contribution plans must be managed over the course of a lifetime, and decisions like Social Security claiming and withdrawal strategies are complex and high stakes. At the same time, many Americans lack the financial literacy, tools, and ongoing support needed--especially as choices grow more complicated and different life stages require different approaches. This gap leaves millions at risk of outliving their savings or making costly mistakes.
Financial literacy works--but only when it's practical, sustained, timely, and paired with decision support. Research consistently shows that financial knowledge can lead to better outcomes--but knowledge alone is not enough. People need step by step, plain language guidance that helps them act at key moments: when opening a 401(k), nearing retirement, claiming Social Security, or navigating rising costs later in life. Effective programs must simplify complex decisions, address behavioral barriers like fear and procrastination, build confidence, and include fraud awareness. One time education doesn't work; continuous learning does. AARP's approach reflects this reality--through workshops, tools, calculators, and structured digital programs like AARP Navigator: Maximizing Retirement Income, which turns disconnected information into guided, real world decision-making support.2
Longer lives and economic pressure are reshaping "retirement"--and financial insecurity is a key driver. Americans are living longer, working longer, and experiencing retirement as a transition rather than a cliff. Today, 64 percent of adults worry they won't have enough money to retire, and nearly one in five non retirees has no retirement savings at all.3 Millions of retirees have returned to work--primarily because they need income, though purpose matters too. Rising costs, longevity uncertainty, and lack of guaranteed income mean this trend will likely continue.
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1 AARP Public Policy Institute. How Banks and Credit Unions Can Better Serve and Protect People 50-Plus. Washington, DC: AARP PPI, June 13, 2024. https://doi.org/10.26419/ppi.00228.001.
2 AARP, Navigator: Maximizing Retirement Income, https://navigator.aarp.org/en_gb/courses/course/74/
3 Brown, S. Kathi. AARP Financial Security Trends Survey, January 2025. Washington, DC: AARP Research, May 2025. https://doi.org/10.26419/res.00525.058.
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Financial security in later life is no longer just about retirement; it's about enabling flexibility, confidence, and dignity across decades. That is why AARP has created robust resources for Americans of any age to better plan for their financial future.
AARP's Financial Literacy Resources
For more than 90 years, Social Security has been a cornerstone of financial security for older Americans, yet it remains a complex program that can be difficult to navigate. But navigating this crucial but complicated program can be challenging. AARP works to provide older
Americans with current and unbiased information to ensure they understand their Social Security options, whether they are preparing for retirement, facing a disability, or planning for their family's financial future. We provide calculators, guides and other resources designed to help individuals make informed decisions about when and how to claim Social Security as part of a sturdy retirement plan.4 But we know from our surveys many Americans still have questions or misunderstand how to maximize their Social Security.
We also help with financial preparation by providing practical, easy-to-use digital tools that empower individuals to make informed decisions about their financial future and strengthen long-term retirement security. The AARP Retirement Calculator provides individuals with a personalized snapshot of what their financial future might look like.5 The tool allows users to simply answer a few questions about their household status, salary and retirement savings -- for example, what they have in an individual retirement account (IRA) or 401(k). All of this results in guidance to help individuals plan to retire when and how they want.
The Required Minimum Distribution Calculator addresses a different, but equally important, stage of retirement.6 Once individuals reach the age where withdrawals from retirement accounts are mandated, this tool helps them estimate the amount they must withdraw each year to remain compliant with federal regulations. By simplifying complex rules into clear, understandable outputs, the calculator reduces confusion, helps retirees avoid costly penalties, and supports better income planning during retirement.
We also provide the AARP Navigator: Maximizing Retirement Income, which is a guided, digital learning experience that helps individuals understand income sources in retirement, manage expenses and withdrawal strategies, and make informed decisions about Social Security and savings.7 The program provides structured, step-by-step education rather than overwhelming users with disconnected information. It emphasizes turning savings into sustainable income, avoiding common retirement pitfalls, and building confidence in financial decision-making. This program meets people where they are - whether they are just starting to plan for retirement, or if they are near retirement. Users of the program tell us that it helps them better understand the decisions they have to make beyond surface-level knowledge, and when they need to make them--providing them with confidence to ask meaningful questions when they meet with tax and retirement professionals.
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4 AARP, Understanding Social Security Retirement, https://www.aarp.org/social-security/.
5 AARP, Retirement Calculator, https://www.aarp.org/money/retirement/retirement-calculator/.
6 AARP, Required Minimum Distribution (RMD) Calculator, https://www.aarp.org/money/retirement/requiredminimum-distribution-calculator/
7 AARP, Navigator, https://navigator.aarp.org/courses/course/74/.
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And these are just some of the many tools we provide on our one stop- hub designed to help Americans make informed decisions across key aspects of their lives. All of these tools work to support financial planning, health and wellness, caregiving, and retirement preparedness, helping individuals better understand their options and plan with confidence. By translating complex topics into practical, accessible resources, AARP equips consumers with actionable information they can use to strengthen their financial security, protect their health, and plan for the future.8 AARP Fraud Prevention Work
A key component of a secure financial future is protecting your hard-earned savings from criminals. That is why working to prevent fraud and scams from happening is a top priority for AARP.
The AARP Fraud Watch Network is deeply vested in helping our nation's older adults understand the very real threat to their financial security that fraud represents.9 We engage in communities around the country through our state offices and their trained volunteer fraud fighters to spread the message of fraud prevention. We share robust information online; we cover the issue in AARP the Magazine and the AARP Bulletin - which reach tens of millions of readers with each edition; we offer a biweekly email or text 'watchdog alert' newsletter and we produce an award-winning podcast, AARP's The Perfect Scam - in the true crime genre but focused on the impact of this type of crime on victims and their families. We also offer a variety of virtual educational events, from member tele-town halls to webinars and Facebook live events.
In addition, AARP is unique in its focus on supporting victims of fraud and their families. Our Fraud Watch Network Helpline receives around 500 calls a day. These calls can be from people who simply want to report a scam they've encountered but didn't engage with, to people who aren't sure whether that Publishers Clearing House letter claiming they've won $1 million and a Mercedes is legitimate (it's not), and too often, from victims and their family members in the aftermath of the crime. We also offer an online victim support group program, through which trained facilitators run small group sessions to begin to address the emotional impact of fraud victimization--helping older Americans rebuild their lives.
On the prevention front, we know that education is critical, but we cannot educate our way out of the fraud crisis. AARP is at the forefront of seeking systemic change. For one, AARP has been leading an effort to reframe the narrative on fraud victimization. Our society tends to treat fraud victims differently than other crime victims. We often blame them with the language we use: they've been "tricked," or "duped," or "fooled," rather than stating that a criminal has stolen from them. We tend to believe that there's nothing law enforcement can do because the criminals are abroad. Our narrative change movement is rooted in research that shows how our tendency to blame fraud victims has served to deprioritize fraud as a crime.10 From the start of our narrative change campaign with the FINRA Investor Education Foundation in 2021, we have continued the focus and we are seeing real movement - among consumers, in the media, across industries and among policymakers, toward an understanding that fraud is a crime and is not the victim's fault.
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8 AARP, Tools & Calculators for Your Life, https://www.aarp.org/tools/.
9 AARP, AARP Fraud Watch Network, https://www.aarp.org/money/scams-fraud/about-fraud-watch-network/.
10 AARP, Words Matter, https://www.aarp.org/lp/words-matter/.
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AARP also runs a program called BankSafe, which trains employees at financial institutions to detect fraud and financial exploitation. BankSafe works with the financial services industry to help them stop financial exploitation before the money leaves accounts.11 The program encourages industry to voluntarily adopt research-based interventions, policies, and procedures that effectively prevent exploitation. Researchers from the Virginia Tech Center for Gerontology have studied the impact of training bank and credit union staff to spot and prevent financial exploitation.12 The research shows significant benefits to consumers and financial institutions when frontline employees take the AARP BankSafe training rather than other forms of training, including a 133 percent increase in knowledge regarding exploitation and four times greater employee confidence in recognizing, preventing, and reporting cases of financial exploitation.
Compared with employees who did not undergo the training, BankSafe trained employees saved consumers 16 times more money from exploitation.
In addition to our fraud prevention awareness and victim support services, AARP conducts research on fraud to inform our work and the public at large. For example, in May 2024, we conducted research on "How Adult Consumers Feel, What They Know, and Their Actions That Pose Risks."13 The report found that while most adults rarely or never answer phone calls, texts, or friend requests from people they don't know, a significant percentage of adults (35 percent) usually or always do one or more of these actions. The report also looked at how adults were maintaining security of their devices and online accounts, including the use of VPNs and twofactor authentication, downloading free apps and/or taking online quizzes on social media, and the use of different passwords on all accounts.
Despite all our work, challenges still persist.
Financial Challenges Facing Older Americans
Many older Americans approach retirement with insufficient savings and limited retirement planning.14 Sixty-four percent of adults are worried they will not have enough money to support themselves in retirement, while 19 percent -- who have not yet retired -- have no retirement savings at all.15 A significant share of households nearing retirement have not calculated how much they need to save, and many rely primarily on Social Security for income in retirement.
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11 AARP, BankSafe, https://www.aarp.org/pri/initiatives/banksafe/.
12 AARP, The Impact of Training Financial Professionals to Prevent Financial Exploitation, July 2022, https://www.aarp.org/content/dam/aarp/ppi/banksafe/2022/july/AARP_BankSafe_FullReport_6-13-22.pdf.
13 AARP, The Fraud Crisis In America: How Adult Consumers Feel, What They Know, And Their Actions That Pose Risks, May 2024, https://www.aarp.org/content/dam/aarp/research/topics/work-finances-retirement/fraud-consumerprotection/fraud-awareness-americans.doi.10.26419-2fres.00788.001.pdf.
14 AARP, "New AARP Survey: 1 in 5 Americans Ages 50+ Have No Retirement Savings and Over Half Worry They Will Not Have Enough to Last in Retirement" (Apr. 24, 2024), https://www.aarp.org/press/releases/2024-4-24-newaarp-survey-1-in-5-americans-ages-50-have-no-retirement-savings.html.
15 Brown, S. Kathi. AARP Financial Security Trends Survey, January 2025. Washington, DC: AARP Research, May 2025. https://doi.org/10.26419/res.00525.058.
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Longer life expectancy further increases the risk that individuals will outlive their savings.
Despite these realities, financial education efforts often remain heavily focused on asset accumulation, with far less attention to retirement income planning, decumulation strategies, and longevity risk.
At the same time, financial fraud and exploitation are widespread and growing problems. Older adults are disproportionately targeted, and financial literacy research shows a concerning dynamic: objective financial literacy can decline after age 60 for some, while confidence often remains high.16 This gap between confidence and capability can be exploited by criminals. While education about fraud is important, evidence suggests that education alone is insufficient without also introducing protective interventions, trusted contacts, and coordinated responses involving financial institutions and government agencies. These challenges underscore the need for a strategy that goes beyond knowledge transfer and addresses how financial decisions are made in real world contexts.
Adopt a Life Stage Relevant Framework
A life stage based approach to financial literacy that explicitly recognizes how financial needs, risks, and decision making change over time, particularly in later life, is key. Financial education efforts too often assume a linear career trajectory culminating in a well planned retirement. In reality, many individuals are pushed out of the workforce earlier than expected due to health challenges,17 caregiving responsibilities,18 economic disruption, or age discrimination.19 Others continue working longer than planned, often in contingent or part time roles with fewer benefits and protections.20,21
We've heard from many older adults that it's difficult to keep up with the rising cost of living while on a fixed income. This financial squeeze can be especially acute for family caregivers who have had to leave the workforce, even for a short time. A Virginia woman in her late 50s told us that "she'll likely work until she can't anymore" to be able to continue helping her disabled adult son. Countless others said they have returned to work after retiring because they didn't feel they had enough money saved. A retired accountant in New Hampshire, for example, went back to work as a receptionist and is still feeling the pinch. "Things have gotten more expensive, and I'm doing more and more shopping at the dollar store," she said.
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16 Boyle, Patricia, Olivia S. Mitchell, Gary R. Mottola, and Lei Yu. "Declining Financial and Health Literacy among Older Men and Women." Journal of the Economics of Ageing (2025): 100547. https://doi.org/10.1016/j.jeoa.2025.100547.
17 Employee Benefit Research Institute and Greenwald Research. 2025 EBRI/Greenwald Retirement Confidence Survey Summary Report. Washington, DC: Employee Benefit Research Institute, April 24, 2025. https://www.ebri.org/retirement/retirement-confidence-survey.
18 Coile, Courtney C. "Health Shocks and Couples' Labor Supply Decisions." NBER Working Paper no. 10810. Cambridge, MA: National Bureau of Economic Research, October 2004. https://doi.org/10.3386/w10810.
19 U.S. Government Accountability Office. Older Workers: Age Discrimination Is a Persistent and Growing Problem. GAO-20-742. Washington, DC: U.S. Government Accountability Office, June 2020. https://www.gao.gov/products/gao-20-742.
20 Antonelli, Angela M. The Aging of America: A Changing Picture of Work and Retirement. Washington, DC: Georgetown University Center for Retirement Initiatives, 2018. https://cri.georgetown.edu/the-aging-of-america-a-changing-picture-of-work-and-retirement/.
21 U.S. Bureau of Labor Statistics. Contingent and Alternative Employment Arrangements -- July 2023. USDL-24-2267. Washington, DC: U.S. Department of Labor, November 8, 2024. https://www.bls.gov/news.release/conemp.htm.
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AARP research shows that in the past six months, 7 percent of retirees age 50 and older have "unretired," or reentered the labor force.22 This is approximately 8.5 million Americans. Among retirees, 28 percent said they retired too early. Our latest research also shows that 48 percent said their primary reason for returning to work is to make money. The second most common reason (14 percent) is to stay active. With the cost of living still high and many people worried that they don't have enough saved for retirement, the trend of older adults working longer will likely continue requiring evolving strategies for financial literacy.
As a result, financial education must begin well before retirement and continue through key transition points, including job loss or job change later in life, the transition from work to retirement, the onset of caregiving responsibilities, and decisions related to housing, health care, Social Security claiming, and end of life planning. These transition points frequently involve complex, high stakes financial decisions that cannot be effectively addressed through one time or generic education earlier in life.
We should therefore promote continuous, adaptive, and responsive financial education. This includes recognizing that older adults may face declining cognitive capacity,23 changing health needs,24 and increasing exposure to fraud and financial exploitation.25 A life stage framework would help ensure that education is delivered in ways that are timely, relevant, and aligned with the decisions individuals are facing.
In addition, we must address the growing role of family members, caregivers, and trusted third parties who increasingly manage or assist with financial decision making for aging parents or loved ones.26 Financial literacy efforts should include resources that help individuals plan for shared or delegated financial management, including clear guidance on powers of attorney, fiduciary duties, beneficiary designations, and safeguards against misuse or exploitation. The Consumer Financial Protection Bureau's (CFPB) Managing Someone Else's Money guide is an example of a well-regarded, free resource designed for financial caregivers that details responsibilities of a fiduciary, how to identify fraud and where to go for help, if needed, in clear and understandable language. Supporting both older adults and those who assist them is essential to maintaining financial security, autonomy, and dignity later in life.
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22 AARP, Retirement on Pause: High Costs Push Older Americans Back to Work, February 2026, https://www.aarp.org/press/releases/2026-02-05-high-costs-older-americans-back-to-work.html.
23 National Institute on Aging. How the Aging Brain Affects Thinking. Bethesda, MD: National Institutes of Health, updated 2024. https://www.nia.nih.gov/health/brain-health/how-aging-brain-affects-thinking.
24 Centers for Disease Control and Prevention. Cognitive Health and Caregiving. Atlanta, GA: CDC, June 3, 2024. https://www.cdc.gov/cdi/indicator-definitions/cognitive-health-caregiving.html.
25 Federal Trade Commission. Protecting Older Consumers 2024-2025: A Report of the Federal Trade Commission. Washington, DC: Federal Trade Commission, December 1, 2025. https://www.ftc.gov/news-events/news/pressreleases/2025/12/ftc-issues-annual-report-congress-agencys-actions-protect-older-adults.
26 AARP Public Policy Institute and National Alliance for Caregiving. Caregiving in the United States. Washington, DC: AARP, 2020. https://www.aarp.org/ppi/info-2015/caregiving-in-the-united-states.html.
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Elevate Retirement Income and Decumulation Literacy
AARP believes we should treat retirement income and decumulation literacy as a core pillar of financial education, rather than a secondary or optional topic. For most households, the transition from saving to spending in retirement is the most complex and consequential financial phase of life. Yet financial education efforts have historically emphasized accumulation - how to save and invest - while devoting far less attention to how assets are converted into sustainable income once paychecks end. Research consistently shows that many retirees struggle with this transition and often decumulate assets more slowly or less effectively than standard economic models would predict, with significant implications for lifetime financial security.27 Retirement income literacy should encompass education on managing withdrawals across different account types, optimizing Social Security claiming decisions, sequencing assets over time, and understanding longevity risk.
Social Security alone represents the largest source of guaranteed income for most older Americans, and claiming decisions can permanently affect monthly benefits and lifetime income - not just for the worker, but also for their spouse. Monthly benefits are 77 percent higher if claimed at age 70 than they are if claimed at age 62. For many people already in their 60s, delaying Social Security claiming may be one of the most significant options still available to them to improve their economic stability in retirement.
Yet despite these high stakes, most beneficiaries claim benefits before their full retirement age, often without fully understanding the tradeoffs involved.28 AARP research finds significant gaps in people's understanding of Social Security claiming ages and other aspects of the program.29 Only 40 percent of Americans could correctly identify the earliest age you can start collecting retirement benefits (62) and just 24 percent knew the age that would maximize their monthly retirement benefit (70). People also lacked knowledge about spousal benefits and how work affects benefits. As a result, comprehensive education that clearly explains how claiming age, continued work, and household circumstances affect Social Security benefits could materially improve retirement outcomes, particularly for individuals who rely heavily on Social Security as their primary income source. In addition, the language and the framing of this education can affect how people perceive their options.30 A bill currently before the Senate (S. 1504, the Claiming Age Clarity Act) would improve the terminology of Social Security's retirement benefit claiming ages in order to help individuals make more informed choices about when to start collecting benefits.31
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27 Hessam Bavafa, Anita Mukherjee, and Tyler Q. Welch, Asset Decumulation in Retirement: Patterns, Predictors, and the Role of Financial Literacy, TIAA Institute Research Dialogue no. 232 (New York: TIAA Institute, 2025), https://www.tiaa.org/content/dam/tiaa/institute/pdf/research-dialogue/2025-11/tiaa-institute-research-assetdecumulation-in-retirement-patterns-predictors-and-the-role-of-financial-literacy-rd-232-bavafa.pdf.
28 Suzanne Shu and John W. Payne, Social Security Claiming Intentions: Psychological Ownership, Loss Aversion, and Information Displays, NBER Working Paper no. 31499 (Cambridge, MA: National Bureau of Economic Research, 2023), https://www.nber.org/papers/w31499.
29 Bryan Miller, "Celebrating 90 Years of Social Security: A Look at Changing and Persisting Opinions Over Time: Social Security Opinions and Attitudes on Its 90th Anniversary" (AARP Research, 2025). https://www.aarp.org/pri/topics/work-finances-retirement/social-security/social-security-90th-anniversary-survey/.
30 Perez-Arce, Francisco, Lila Rabinovich, Joanne Yoong, and Laith Alattar. "Three Little Words? The Impact of Social Security Terminology on Knowledge and Claiming Intentions." Journal of Pension Economics and Finance 23, no. 1 (2024): 132-51. https://doi.org/10.1017/S1474747222000269.
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Moreover, an effective financial literacy strategy must recognize that people of all ages have a stake in Social Security and should have a baseline understanding of how the program works.
Research indicates that people consistently overestimate the scope of the program's financing shortfall. Nearly two-thirds of Americans did not understand what would happen if the Social Security trust funds became depleted; over a third believed no benefits would be paid at all, and roughly another one-third said they did not know. In reality, Social Security's actuaries project that roughly 75 to 80 percent of benefits would remain payable after trust fund depletion for the foreseeable future. This lack of program knowledge can and does affect people's benefit claiming decisions: AARP research in 2025 found that "almost half of older Americans (49 percent) who recently started receiving -- or plan to start receiving -- Social Security retirement payments earlier than originally planned were motivated by concerns that Social Security is running out of money."32 Improving people's basic understanding of how the program works - and that solvency should not be a reason to claim early - would help facilitate more informed claiming decisions.
Similarly, effective decumulation requires understanding how to draw income from a mix of tax advantaged retirement accounts, taxable savings, and guaranteed income sources while managing exposure to market volatility, inflation, and unexpected expenses. Unlike the accumulation phase - where defaults and simplified investment options can guide behavior - the decumulation phase places far greater decision making demands on individuals. The absence of standardized guidance or clear educational frameworks leaves many retirees vulnerable to poor timing, inefficient withdrawal patterns, or overly conservative behavior that unnecessarily suppresses their standard of living.33
The need to elevate decumulation literacy has grown more urgent as the U.S. retirement system has shifted from defined benefit pensions toward defined contribution plans. This shift has transferred responsibility not only for saving but also for income planning and risk management from institutions to individuals. While defined benefit plans typically provide lifetime income by default, defined contribution plans generally do not, requiring participants to make complex decisions about how long their savings must last and how much they can safely spend each year.
Research and policy analyses consistently identify this institutional shift as a central driver of retirement income insecurity and underscore the importance of education that prepares individuals for managing longevity and income risk on their own.34
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31 Deirdre Shesgreen, AARP, "Can a Few New Labels Change Social Security Claiming Trends?," https://www.aarp.org/social-security/retirement-age-clarity-act/; AARP letter to Senators Bill Cassidy, Chris Coons, Susan Collins, and Tim Kaine, September 2025, https://www.aarp.org/content/dam/aarp/politics/advocacy/2025/09/endorsement-letter-claiming-age-clarity-actsenate.pdf.
32 Miller, op. cit.
33 Bavafa et al., op. cit.,15.
34 Samuel Estreicher and Laurence Gold, "The Shift from Defined Benefit Plans to Defined Contribution Plans," Lewis & Clark Law Review 11, no. 2 (2007), https://law.lclark.edu/live/files/9567-lcb112estreicherpdf.
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Finally, retirement income literacy should explicitly address longevity risk - the risk of outliving one's savings - which is difficult for individuals to intuitively assess. Increases in life expectancy, combined with wide variation in individual outcomes, mean that many retirees must plan for decades of income without knowing how long their resources will need to last.
Educational efforts that help individuals understand life expectancy uncertainty and the role of guaranteed income sources can support more realistic planning and reduce the risk of financial hardship at advanced ages.35
Prioritize Outcome Based Evaluation and Evidence
A growing body of research demonstrates that increases in financial knowledge, awareness, or self reported confidence do not consistently translate into improved financial outcomes. While traditional financial education metrics often focus on inputs (such as program reach or content delivered) or intermediate indicators (such as knowledge gains), these measures alone provide limited insight into whether programs meaningfully improve financial security. Comprehensive reviews of financial literacy research find that the behavioral and financial impacts of education initiatives vary widely, underscoring the need for evaluation frameworks that focus on real world outcomes rather than solely on educational attainment.36
It is important to prioritize outcome based evaluation of financial literacy efforts that tracks measurable changes in behavior and risk exposure. Examples of such outcomes include increased participation in retirement plans, sustained contribution behavior, improved Social Security claiming decisions, greater use of trusted contacts and account safeguards, reduced reliance on high cost or inappropriate credit products, and lower rates of fraud victimization.
These indicators more directly reflect whether individuals are better positioned to navigate financial risks and maintain long term security, particularly in later life.37
Federal oversight bodies have similarly emphasized the importance of outcome focused measurement. The Government Accountability Office (GAO) has found that many federal financial literacy programs report limited or inconsistent outcome data, making it difficult to assess effectiveness or compare interventions across agencies. GAO has specifically recommended that the Treasury Department and the CFPB, in their roles leading the Financial Literacy & Education Commission, encourage agencies to collect and report standardized outcome data to strengthen accountability and improve program design.38 Without such data, policymakers lack the evidence necessary to determine which approaches merit expansion and which should be refined or discontinued.
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35 Karolos Arapakis and Gal Wettstein, Longevity Risk: An Essay (Chestnut Hill, MA: Center for Retirement Research at Boston College, 2023), https://crr.bc.edu/wp-content/uploads/2023/11/2023_Longevity-Risk.pdf.
36 Tim Kaiser and Annamaria Lusardi, Financial Literacy and Financial Education: An Overview, NBER Working Paper no. 32355 (Cambridge, MA: National Bureau of Economic Research, 2024), https://www.nber.org/system/files/working_papers/w32355/w32355.pdf.
37 AARP Public Policy Institute, op. cit., 1; Consumer Financial Protection Bureau, Financial Institutions Can Help Prevent Elder Financial Exploitation with Alerts to Trusted Contacts (Washington, DC: CFPB, 2021), https://files.consumerfinance.gov/f/documents/cfpb_trusted-contacts-fis_2021-11.pdf.
38 U.S. Government Accountability Office, Financial Literacy: Better Outcome Reporting Could Facilitate Oversight of Programs for Older Adults and People with Disabilities, GAO-24-106381 (Washington, DC: GAO, April 2024), https://www.gao.gov/assets/gao-24-106381.pdf.
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Promote "Just in Time" and Workplace Based Education
Evidence suggests that financial education is most effective when delivered at or near key decision points, such as job changes, enrollment in workplace benefits, retirement transitions, or the onset of caregiving responsibilities, rather than as one time, abstract, or disconnected instruction. Research reviewing decades of financial education interventions finds that timing and relevance are critical to whether individuals apply information to real world choices, particularly when decisions are complex or unfamiliar.39 Education that coincides with moments when individuals must act is more likely to influence behavior than education provided well in advance of, or long after, the decision itself.40
The workplace is a particularly effective setting for decision point education because many consequential financial choices, such as retirement plan enrollment, contribution levels, and benefit elections, are made there. Some people are living longer, which dramatically increases the risk of outliving savings, especially without lifetime income. Some people are also working longer to fund these longer lives. We know that many older workers are staying in the workforce longer. About 38 million people age 55 and older are working today--more than two and a half times the number 40 years ago.41 And work is changing. A substantial body of evidence shows that standardized and unbiased workplace based and employer facilitated education increases retirement plan participation and contribution rates. Behavioral economics research demonstrates that simplifying choices and pairing information with enrollment opportunities significantly improve outcomes.42 This underscores the value of integrating education directly into benefits decision-making processes rather than treating it as a standalone activity.
Integrate Fraud Prevention with Cognitive Aging and Protective Design
Fraud prevention should be recognized as a core component of financial literacy for individuals of all ages, particularly for older adults who face heightened, evolving risks. Research shows that age related changes in cognition, such as declines in executive function, information processing speed, and susceptibility to social manipulation, can increase vulnerability to fraud, even among individuals with otherwise strong financial skills.43 Fraud prevention cannot rely solely on knowledge based education, but must incorporate insights from cognitive aging research to better reflect how decisions are actually made under stress, urgency, or deception.44 When developing financial literacy programs, we should explicitly promote protective design features that reduce reliance on individual vigilance alone. Evidence from regulators and law enforcement demonstrates that tools such as trusted contact protocols, transaction monitoring, alerts, and appropriate payment delays enable earlier detection of suspicious activity and reduce financial harm. Federal financial regulators have jointly recognized these mechanisms as effective risk management practices, particularly when paired with employee training and clear escalation pathways.45 Embedding awareness of these safeguards into financial literacy efforts helps normalize their use and empowers consumers to adopt protections before harm occurs.
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39 Kaiser et al., op. cit., 23.
40 Bruce Ian Carlin and David T. Robinson, "Financial Education and Timely Decision Support: Lessons from Junior Achievement," American Economic Review: Papers & Proceedings 102, no. 3 (2012): 305-308, https://doi.org/10.1257/aer.102.3.305.
41 AARP, New AARP Survey Shows a Sharp Increase in the Number of Older Americans Seeking a Job Change, January 16, 2025, https://www.aarp.org/press/releases/2025-1-16-new-aarp-survey-sharp-increase-number-olderamericans-seeking-job-change.html.
42 Brigitte C. Madrian and Dennis F. Shea, "The Power of Suggestion: Inertia in 401(k) Participation and Savings Behavior," Quarterly Journal of Economics 116, no. 4 (2001): 1149-1187, https://www.jstor.org/stable/2696456.
43 DeLiema, Marguerite, David Burnes, and Lynn Langton. "The Financial and Psychological Impact of Identity Theft among Older Adults." Innovation in Aging 5, no. 4 (2021): igab043. https://doi.org/10.1093/geroni/igab043.
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It is important to expand public awareness and prevention efforts modeled on proven initiatives, including AARP's Fraud Watch Network, which combines education, real time alerts, and victim support.46 Financial capability initiatives should increase the ability of all people to make informed decisions about the use and management of money and include information on
financial fraud and abuse. They should also cover technological advances that may be of value to older consumers. Research tools that accurately measure the effectiveness of financial capability programs should be developed. Public private coordination with consumer groups and financial service providers is critical to enabling early intervention, timely reporting, and access to recovery resources when fraud occurs. Evidence from enforcement agencies and victim services providers shows that early action can significantly limit losses and mitigate the cascading financial, emotional, and health consequences of victimization.47
Finally, fraud prevention should be treated not only as a consumer protection issue, but also as a public health concern. Fraud victimization is associated with increased stress, anxiety, loss of independence, and adverse health outcomes, particularly among older adults. Addressing fraud through a public health lens - focused on prevention, harm reduction, and coordinated response - is key to addressing with the real world impacts of financial exploitation and support a more comprehensive approach to financial security across the lifespan.48
Address Structural Barriers Alongside Education
Financial literacy outcomes are strongly shaped by income, education, race, health, and access to safe, affordable financial products, with persistent disparities across demographic groups.
National surveys consistently show that individuals with lower incomes, less formal education, and limited access to mainstream financial services score lower on standard measures of financial literacy and experience worse financial outcomes, including lower retirement preparedness and higher financial fragility. These gaps are particularly pronounced among Black and Hispanic or Latino households, reflecting broader structural inequalities rather than differences in motivation or effort alone.49
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44 Rachel E. Morgan and Susannah N. Tapp, Examining Financial Fraud Against Older Adults (Washington, DC: National Institute of Justice, March 20, 2024), https://nij.ojp.gov/topics/articles/examining-financial-fraud-againstolder-adults.
45 Board of Governors of the Federal Reserve System et al., Interagency Statement on Elder Financial Exploitation (Washington, DC: Federal Reserve Board, December 4, 2024), https://www.federalreserve.gov/frrs/guidance/interagency-statement-on-elder-financial-exploitation.htm.
46 AARP, AARP Fraud Watch Network, https://www.aarp.org/money/scams-fraud/about-fraud-watch-network/.
47 Federal Trade Commission, op. cit. 10.
48 U.S. Department of Justice, Annual Report to Congress on Efforts to Combat Elder Fraud and Abuse (Washington, DC: DOJ, November 17, 2025), https://www.justice.gov/opa/pr/department-justice-releases-2025annual-report-congress-efforts-combat-elder-fraud-and-abuse.
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That is one reason AARP Foundation, an affiliate of AARP, has prioritized a focus on advancing financial resilience for older adults as part of their work.50 By strengthening access to income and stability for people age 50+ who are at heightened risk of economic insecurity. The Foundation's approach to workforce participation prioritizes helping experienced workers reconnect to employment and navigate barriers in the modern labor market.
This accomplished largely through the BACK TO WORK 50+ program which provides free nationwide job search coaching and resources- along with referrals for other training and financial assistance- to thousands of unemployed and underemployed workers 50 and over.51 The program helps low-income older adults build the skills and confidence to regain employment and compete for higher quality jobs that serve as a pathway to financial resilience.
We must acknowledge the limits of education as a standalone intervention and coordinate financial literacy initiatives with policies that expand access to retirement plans, trusted financial advice, and core consumer protections. Evidence shows that individuals are far more likely to save and make sound financial decisions when they have access to payroll deducted retirement plans, safe default options, and regulated financial products - conditions that education alone cannot create.52,53 Without addressing these structural barriers, financial education efforts risk overstating their impact and leaving populations with the least access to financial infrastructure further behind, despite increased knowledge or awareness.54,55
Ensure Accessibility and Inclusive Design
Financial education materials should be accessible across formats, including print, in person, and digital delivery, and written in plain, clear language. AARP research consistently shows that communication and comprehension needs vary widely among older adults, and that overly complex language, jargon, or digital only formats can unintentionally exclude large segments of the population.56 Accessible communication is particularly important given the prevalence of vision loss, hearing loss, and age related cognitive changes, which can affect how individuals receive and process information even when their underlying financial decision making capacity remains intact.57 Ensuring that financial education resources are readable, understandable, and navigable across a range of abilities will help prevent unintentional exclusion and support fairer access to financial information.
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49 Annamaria Lusardi et al., Financial Literacy and Retirement Fluency in America: Findings from the 2025 TIAA Institute-GFLEC Personal Finance Index (New York: TIAA Institute, 2025); FINRA Investor Education Foundation, National Financial Capability Study (Washington, DC: FINRA, 2021).
50 AARP Foundation, https://www.aarp.org/aarp-foundation/.
51 AARP Foundation, https://www.aarp.org/aarp-foundation/our-work/income/back-to-work-50-plus.html.
52 The Pew Charitable Trusts, Workers Without Access to Retirement Benefits Struggle to Build Wealth (Washington, DC: Pew, June 25, 2025), https://www.pew.org/en/research-and-analysis/issue-briefs/2025/06/workers-withoutaccess-to-retirement-benefits-struggle-to-build-wealth.
53 AARP Public Policy Institute. Payroll Deduction Savings Programs Improve Retirement Security. Washington, DC. December 12, 2024. https://www.aarp.org/pri/topics/work-finances-retirement/financial-securityretirement/payroll-deduction-savings-programs-improve-retirement-security-s/.
54 Kaiser et al., op. cit., 18.
55 AARP Public Policy Institute, op. cit., 1.
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Conclusion
In closing, the realities of longer lives for some, rising costs, and a retirement system that places increasing responsibility on individuals demand a renewed focus on financial literacy that is practical, ongoing, and actionable. Financial literacy and fraud prevention work together.
Building awareness, education, and the importance of these strategies into financial literacy is critical. Too many Americans are navigating complex retirement decisions without the tools, guidance, or confidence they need--contributing to financial insecurity, delayed retirement, and workforce reentry driven by economic necessity. By investing in trusted education, decision support tools, and policies that reflect how people work and retire today, we can help ensure that every American has the knowledge and confidence to achieve financial security, independence, and dignity as they age.
We thank this Committee for bringing attention to this important issue and look forward to working with you to address the financial challenges that Americans aged 50 and older face, combat fraud and find comprehensive solutions to prevent it.
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56 AARP and Older Adults Technology Services, Age-Friendly Technology Design: A Practical Guide for Designers and Developers of Digital Experiences (Washington, DC: AARP, 2021), https://creativeagingresource.lifetimearts.org/wp-content/uploads/AARP-Age-Inclusive-Techn-Broch.pdf.
57 AARP Research, The Language of Aging (Washington, DC: AARP, updated September 17, 2025), https://www.aarp.org/pri/topics/aging-experience/language-aging/.
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Original text here: https://www.aging.senate.gov/imo/media/doc/1539e357-a932-88c1-943e-d9eae24e1c05/Testimony_Roszkowski%2004.15.26.pdf