When people worry about their parents’ financial future, the fears are usually predictable: market downturns, inflation, long-term care costs.
These are the risks that dominate headlines and financial conversations.
But in my experience as a financial advisor, the most damaging threat I see today has nothing to do with the economy at all.
It’s scams and growing loneliness that makes people vulnerable to them.
Threat #1: Scams That Hit The Heart Strings
Markets are uncomfortable, but they are resilient. There is recovery.
Scams are different.
When money is lost to a scam, it is often gone within hours. There is no recovery.
I have seen intelligent, careful people lose tens of thousands of dollars.
Not reckless people.
Not naïve people.
People you would never expect to be “at risk.”
Scams don’t succeed by exploiting ignorance.
They succeed by exploiting emotion.
(And while we like to think we’re impervious to that, we really aren’t.)
Threat #2: Growing Loneliness
There is a reality we don’t talk about enough: loneliness is rising, actually both among older adults and young.
Loneliness is not just a simple feeling we have, but challenges our way of thinking. It’s a condition that affects judgment, increases trust in the wrong places, and makes connection… any connection… feel valuable.
Criminals know this well. And they have all the time in the world to test the waters and find susceptible people who are alone (or feel alone). They will invest hours, weeks, or months into building a faux relationship.
Many of today’s most devastating scams aren’t high-pressure financial pitches. They are relationship scams. They unfold slowly. Patiently. Intentionally.
The goal isn’t just money, but trust.
A friendly message.
A listening ear.
Someone who checks in consistently.
Over time, that connection becomes emotional. And once emotional trust is established, financial requests don’t feel dangerous at all… they actually feel reasonable.
That’s when these scammers decide it’s time to strike their victim.
Why This Happens to People You “Never Worried About”
This is the part that catches families off guard. The people most impacted by these scams are often:
- Kind
- Intelligent
- Independent
- Financially responsible
- Proud of handling things on their own (this is the most dangerous)
They aren’t careless. They’re simply human.
Loneliness lowers defenses in ways most of us don’t recognize until it’s too late. And when a relationship feels meaningful, the shame of realizing something is wrong can keep people silent.
Once your loved one realizes they’ve made a mistake, embarrassment may prevent them from asking for help.
That silence is where the real damage happens.
It can lead to depression, panic, and even more mistakes in an effort to fix the first one.
Unlike market declines, scam losses don’t just impact balance sheets.
They impact confidence. Independence. Identity.
People recover from bear markets all the time… major scams are much more difficult to recover from financially and emotionally.
How Can You Protect The Wealth of Those You Love
Education and knowing how to spot scams matter, but connection matters just as much.
The most effective protection isn’t fear – it’s relationship.
So… check on your people!
Call them, visit them, and ask real questions. Most importantly, listen to the answers – both what is said and what’s being withheld. Make sure they feel loved, seen, and heard so they don’t seek connection from an online stranger.
Encourage openness without judgment.
Let them know that if something feels off, you want to know – not to take control, but to help. Note that many elderly adults are extremely hesitant to ask for help when scams happen, because they fear it will result in a loss of control and autonomy. Take the steps now to ensure you don’t have to get involved after it’s too late. And if you want an easy way to start the conversation, listen to this episode of The Wealth Mindset Show podcast where my colleagues talk more about the many financial scams.
