They’re Less Likely to Be Financially Literate
It could be argued that all other issues are easily avoidable by people who are financially literate. No matter the change in the economy, no matter the new legislation around taxes and new forms of savings accounts, seniors who know what they’re getting into usually come out on top.
Sadly, not many Americans are able to keep up with their own earnings and spending habits. Financial literacy is in decline, especially with older generations. Being able to make informed decisions, even about the year in which you should access your Social Security, is a must without which you could end up in desperate situations.
But this could lead to a host of other problems, particularly in the form of people who want to make an easy buck off of unsuspecting victims. Lenders and scammers seem to await behind every corner, and older people are likely to fall trap to their scams, thus throwing away their hard-earned money.
