Will Baby Boomers Be More Vulnerable to Scams?

I recently read an article1 stating that the elderly are more prone to scams. Three reasons were given: More Trusting, Loneliness, and Memory Loss.

This made me wonder whether baby boomers will be more trusting. We were supposed to be more skeptical to begin with. My personal experience has increased this skepticism several orders of magnitude. For years I had been promising myself that I would read the annual reports that were sent to me as a stockholder. I was just starting to do this when the Enron scandal broke. That taught me that reading these reports was futile.

We have bought several homes in our lifetime. Each experience was traumatic to me. I worried about the debt I was assuming. However, I reasoned to myself that these mortgage companies would not make foolish loans or they would lose money. But one of the primary reasons for our recent financial crisis was that the mortgage companies did not care because they sold the mortgages to conglomerates that either did not know or not care what risk they were assuming. During our most recent home purchase I was amazed at the amount of debt that they would let us assume. Now I understand. They did not care if we defaulted because by that time the default would be someone else’s problem.

Then there is the financial crisis itself. It appears that deregulation and the scant enforcement of the regulations that existed were primary factors underlying the crisis. But the reforms that were passed were weak and in the view of most knowledgeable individuals, inadequate. Moreover, the recent elections indicate that it is even less likely that adequate protections will be provided.

Then there are the defaulted pensions. First were the companies that went into bankruptcy and defaulted on their pension obligations. I had thought that there were government agencies to assure that pension funds were adequately funded. Either there were not such agencies or these agencies were remiss in fulfilling their objectives. Now we have state and local governments revoking or modifying commitments that had been made to their employees.

So current events should have disabused baby boomers, at least, of being more trusting.

Peter A. Lichtenberg of Wayne State University’s Institute of Gerontology has said that his research indicated that loneliness or feeling undervalued that increases a senior’s risk. of falling for scams by 30 percent. Now Healthmemory Blog readers should realize that transactive memory involves the interaction with other humans. There are benefits here not only in the knowledge gained, but perhaps more importantly, in the interaction and building of relationships with fellow humans. The knowledge and confidence gained through interactions with both the technological and human aspects of transactive memory should also boost self esteem.

As for memory loss, the objective of the Healthymemory Blog is not only to forestall memory loss, but to promote cognitive growth. By continuing to learning about new topics and learning new skills memory health is promoted. Readers of the Healthymemory Blog should be aware of the benefits of nonconscious processing. Sleep on a decision before making it. Transactive memory involves interactions with both technology and fellow humans to build social relationships and to continue to grow cognitively. Mnemonic techniques are presented that not only provide a direct means of improving memory, but also provide a good means for cognitive exercise. Even if disease should strike, having a cognitive reserve should forestall the rate of progress of the pathology.

1Kirchheimer, S. (2011). Brain Games. Aarp.org/bulletin March, 26. 

© Douglas Griffith and healthymemory.wordpress.com, 2011. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Douglas Griffith and healthymemory.wordpress.com with appropriate and specific direction to the original content.

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