They say health is the greatest wealth, and for good reason.

There’s no denying that being financially well-off can benefit a person’s health. The opposite is also true, as financial worries can exacerbate or even cause health issues, especially for seniors.

A recent survey from the University of Michigan shows that financial fraud and other scams aren’t just a problem for seniors – they’re one of the most serious health concerns people in this age group face.

Financial Fraud Ranks as One of Seniors’ Top Concerns

According to the National Poll on Healthy Aging, fears about financial fraud rank in the top four concerns of seniors when it comes to their well-being.

On a list of the 10 biggest worries seniors face regarding their health, costs dominated the top three spots. Specifically, concerns about the cost of medical care, assisted living, and prescription medications. But the fact that financial fraud ranks so close behind shows how serious this concern is.

Financial scams can rob seniors of their life savings. They turn what should be a fairly earned, secure retirement into a nightmare of uncertainty. Many scams involve Social Security, and these can put a person’s benefits in jeopardy in some cases.

Perhaps worst of all, these instances of fraud can take a person’s peace of mind. Scams can make a person feel vulnerable and violated, raising their stress levels. In addition, being targeted may make a person less likely to interact with the outside world. This interaction is crucial for seniors and older individuals who need to avoid loneliness as they age.

We here at The Seniors Center understand how serious scams are. It’s why we publish weekly content on how to avoid financial fraud, Social Security schemes, and other types of crimes designed to defraud seniors and people of all age groups.

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