Question

Are older persons more susceptible to being misled about financial investments or estate planning? Why is that and how can it be prevented? Justify your answer.

Answer 1

They elder people are easily misled due to their phusical state as they can be disbaled or weakened and dependent. Since, they are quite old, they can be living alone and isolation can lead to the development of depressive tendencies in them, as a result they can be easily financially exploited. They can aslo be naive and can easily trust strangers who can mislead them into makimg wrong financial investments and estate planning.

This can be prevented by :

• The elders can immediately report any suspiscious activity . The prevention of fraud department will quickly identify those cases, where the elders have been maniplulated and help recover the lost money to safeguarf the elder people.
• The elderly people should make sure that they are trusting the right experts by looking into their business cards, where the terms accredited, chartered and registered is mentioned to ensure that their finances re in the right hand.
• Conduct a background check of the advisor the elderly is consultimng about their financial matters.
• The elderly should always ask for the final review of the papers and signed them off, before anyone can misled them with their finances.
• The elderly should not buy schemes which they do not understand, by blindly trusting the advisor.
• Never go for fancy investments as there is nothing like a free lunch.
• If it sounds too good to be true, then it probably might bot be legitimate.