According to the Consumer Financial Protection Bureau, elder exploitation quadrupled between 2013 and 2017.
Thomas Nietzsche, with Money Management International in Sugar Land, said senior citizens are being taken advantage of at a higher rate than they were five years ago, due to an increase in scams. Their consumers, averaging around 66 years old, face more consequences of financial issues.
"They're spending about $150 dollar more per month than they're bringing in. They also only have a net worth of about $3,000 and they carrying over $20,000 in unsecured debt," said Nietzsche.
He suggests take care of car loans, mortgage and credit card debt, because before you know it, retirement will be here.
"It's easy in our day to day lives to just sort of put our finances on auto-pilot and just assume it's all going to work out. And, then before you know it, retirement age is sneaking up and you still have a high level of debt," said Nietzsche.
He said they see a lot of fraud within families and it's the younger members who are taking advantage of the older folks.