Philadelphia Federal Reserve CEO Takes on Elder Financial Health
In a recent conference on elder financial exploitation comprised of representatives of financial institutions, financial advisors, and regulators, the president and CEO of the Federal Reserve Bank of Philadelphia, Patrick T. Harker, set his sights firmly on the growing problem of elder financial health and well-being.
Sponsored by the Consumer Finance Institute and the Philadelphia Federal reserve, the conference met explicitly to discuss, “Aging, Cognitive, and Financial Health: Building a Robust System for Older Americans.” Mr. Harker was quick to point out that the issue of elder financial abuse was not an isolated problem, but he noted that, The sheer size and complexity pose a challenge for industry and regulators alike.” Attendees of the conference attempted to meet this challenge head-on, while bringing more much-needed attention to the plight of senior Americans and Philadelphians.
The Role of Impaired Cognition in Elder Financial Abuse
Another often overlooked aspect of the aging and wealth in our country is the role of cognitive decay and degenerative illnesses which compromise cognition. Approximately 5 million Americans have Alzheimer’s disease today, a figure that is expected to rise to 14 million by 2050. Millions more suffer from other forms of dementia which render them less capable of determining when they are in financial danger.