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Personalized Money Management for Seniors in the Age of Technology

Many of our clients fondly remember the friendly faces they’d encounter when visiting the neighborhood branch of their bank. Relationships went beyond receiving assistance with simple transactions like deposits and withdrawals. Bank employees willingly helped with troubling monthly reconciliations, happily answered a range of financial questions and even remembered details of personal lives. Today, technology has replaced much of the personal feel in many local banks. The elderly are less likely to avail themselves of online banking and may worry about unanswered questions. Direct deposit has eliminated necessary visits to a branch and use of an ATM machines replaces human contact. With employee turnover in branches now commonplace, seniors must accept that they constantly see unfamiliar faces when they choose to enter their bank. Even a simple phone call can easily become entangled in a frustrating telephone system.

All of this change takes place within a financial environment that presents great risk to our clients. It is widely recognized that seniors are prime targets for scams that seek to solicit personal information. Using fear tactics, fraudsters raise questions about things such as Medicare, prescription drugs, investments, taxes and even family members. Unknowingly, the elderly provide details that expose them to risk of financial loss.

Search and Care’s Financial Navigators will regularly visit clients to review their bank statements to ascertain the accuracy of all transactions. If you or a loved one are concerned about today’s rapidly changing financial environment and could benefit from these services, please contact us if you know a senior who could use our help.

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