Texas' senior population is booming: Three of the Lone Star state's metropolitan areas recently ranked in the Top 10 U.S. metro areas with the fastest-growing senior populations. In fact, persons 65 and older are the fastest-growing segment of the state’s population.
The aging of Texas is challenging investors, the investment industry, and policymakers, because as people age, they are more vulnerable to investment fraud and senior financial abuse.
Many seniors, of course, can ably manage their family finances. However, research shows that as people age they have more difficulty handling complex financial tasks, such as managing their retirement funds.
The risk of fraud is compounded by the fact that people who suffer some degree of cognitive impairment don’t fully grasp the decline of their decision-making abilities.
This increased susceptibility poses a danger to seniors’ well-being and makes it imperative that they can depend on trusted family members, caregivers, and legal and financial professionals to manage and protect their assets.
Industry professionals are grappling with compliance and legal challenges in responding to the needs of older investors and their families in preventing fraud.
The State Securities Board's For Seniors section can help all those who care about the financial welfare of older Texans.