MISSION STATEMENT

Hello! My name is Kayla Chang and I am a freshman at The Ohio State University in Columbus, Ohio. I believe protecting senior citizens from financial scams is one of the most important initiatives we can undertake in society.

Why is this so important? The financial exploitation of older Americans happens more often than many of us realize. It happens to our loved ones, friends, and neighbors. It affects both women and men of every race. According to Consumer Affairs, more than 3.5 million older adults in the U.S. are victimized by this kind of exploitation each year. And tragically, these victims are swindled out of more than $3 billion of their hard-earned life savings each year.

The problem is growing too, as the population of elderly adults continues to rise. In 2019, there were 54.1 million people age 65 and up in the U.S. as reported by the Administration for Community Living. This population is projected to increase to 80.8 million by 2040, more than twice as many as there were in 2000. Because they possess so much of the country’s personal wealth, senior citizens have become primary targets for fraudsters.

But why is this cause so personal to me?

My grandmother was the victim of elder financial exploitation before she passed away. The impact this had on her and my entire family is impossible to describe. It extended way beyond financial losses. It also caused tremendous emotional distress, confusion, and embarrassment.

She was scammed by several unethical salespeople, including “financial advisors” who talked her into transferring hundreds of thousands of IRA funds to an inappropriate investment account and buying ill-advised life insurance policies for her grandkids, as some examples. There were smaller cons too. Among them were “health experts” who tricked her into buying all kinds of Asian elixirs and unproven treatments with the promise of health miracles, none of which materialized. To make matters worse, my grandma was relegated to a wheelchair with Parkinson’s Disease while she was being scammed. She was vulnerable and easily manipulated out of her money.

Shortly after she passed, I was shocked to learn that my grandfather had also fallen victim to financial scams a decade earlier, before he passed. I saw a connection between elderly people and scams and was angered by the unfairness of it all. It made me worry about my other two grandparents and other senior citizens. This cause has been like a burning flame for me ever since.

The great news is that steps can be taken to mitigate this societal problem. It all starts with awareness. I think awareness is like a muscle—it’s something we have the power to strengthen through knowledge and action. Raising awareness can lead to (a) prevention and (b) knowledge of what to do if preventive measures fail. This really sums up the purpose of Safeguarding Our Seniors.

My dream is for senior citizens to live happy and free from the risk of financial scams.

What a world that could be.