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Research Report 

The Boomer-ang Effect: Financial Institutions’ $1 Billion Opportunity in Senior Financial Management

This report, commissioned by REGO, reveals the true cost of the elder financial fraud epidemic and details the most common methods criminals used to steal over $38 billion in 2023 from Americans over age 60. From cryptocurrency scams and ransomware, to identity theft and real estate schemes, senior citizens are now the most vulnerable population segment to financial fraud.

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What You'll Learn in this Report

  • The true cost of the elder financial fraud epidemic
  • Methods and channels criminals use to commit financial fraud
  • The growing challenges of managing finances for aging parents
  • The $1 billion opportunity to offer Senior Financial Management tools

Report Stats At a Glance

70%

 

of Americans are either financially vulnerable or, at best, coping, with only 30% considered financially healthy as of 2023.

38 billion

 

was lost by Americans over the age of 60 to financial exploitation in 2023, triple the amount lost in 2022.

40%

 

of Americans with a parent aged 60 or older help with or do all the work related to managing their parent(s)’ financial lives.

Ready to See Real Results With Your Financial Institution?

Solutions from Cornerstone Advisors

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Cornerstone’s Performance solutions provide a wide range of consulting expertise to help clients identify opportunities to increase efficiency and productivity across their entire organization, whether it’s enhancing the digital experience or optimizing payments. We leverage these services with our proprietary tools, including Performance Vault and Analytics Vault. Armed with unparalleled insider data analytics and benchmarking intel, your bank or credit union will gain the confidence to make sound, data-driven decisions.

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Strategic Planning

Our Strategic Planning services will help your leadership answer the big questions—where are we, where could we be, how do we get there and what’s the impact. Our seasoned consultants will work with you to develop a strategic plan that will empower your organization to achieve tangible “right now” results, as well as build a roadmap for ongoing value creation and success.

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About Cornerstone Advisors

For over 20 years, Cornerstone Advisors has delivered gritty insights, bold strategies and data-driven solutions to build smarter banks, credit unions and fintechs. From technology system selection and implementation to contract negotiations, vendor management, performance improvement programs, strategic planning, merger integration and enterprise program management, Cornerstone combines its expertise with proprietary data and research to help financial institutions thrive in today’s challenging environment. For more information, visit www.crnrstone.com, connect with us on LinkedIn and Youtube, and subscribe to GonzoBanker® for our opinionated take on all things banking.