Senate Aging Panel Highlights the Importance of Financial Literacy

Published in RINewsToday on May 18, 2026

Chairman Rick Scott (R-FL) and Ranking Member Kirsten Gillibrand (D-NY) of the U.S. Senate Special Committee on Aging held a hearing last month called “Empowering Seniors Through Financial Literacy: Tools to Protect Savings, Prevent Fraud, and Promote Independence.” The hearing, held during National Financial Literacy Month, focused on the need for financial education and income security for older Americans.

The April 15 hearing lasted just over an hour and focused on improving financial and retirement security for older Americans. During his opening remarks, Sen. Scott announced the release of a bipartisan 2026 Financial Literacy Booklet to help older Americans spot and avoid scams.

At SH-216, the Senate Aging Committee confirmed its continued work to protect older adults from financial exploitation and built on earlier efforts, such as the 2025 Fraud Report.

New Resource for a Secure Retirement

The new 39-page bipartisan booklet, Guarding Your Nest Egg: A Financial Resource for Older Adults, helps older Americans manage their finances, protect themselves from fraud and scams, and plan for a secure retirement.

As Sen. Scott noted: “For so many Americans, especially our seniors, it’s hard to find the information,” Sen. Scott said in his opening statement. “And when you do find it, it’s often incredibly complicated. As a country, we have done a poor job of ensuring people know their options and what route will work best for their needs.”

Sen. Scott says financial literacy is one of the most powerful and most underused tools to protect older Americans. “When they understand how their benefits work, they make better decisions,” he says.

“When they know how to read a financial statement and recognize bad actors, they’re harder to deceive. When they understand the difference between a legitimate investment and a pitch that’s too good to be true, they protect themselves. And when they know where to turn for trusted help, they realize they are not navigating this alone,” said the Florida Senator.

Finally, Sen. Scott added, “The best part is that this doesn’t require a new government program or more federal bureaucracy.” He stressed that the solution is not more federal spending, but “clear information, trusted messengers, and a commitment to getting that information into people’s hands.”

The Senate Aging Committee’s new booklet helps readers make smart retirement and financial decisions. It covers an array of topics, including Social Security, Medicare, housing, charitable giving, disaster preparedness, and even planning for unexpected events. Throughout its pages, practical advice is given to help older adults protect their savings and avoid fraud and scams.

Sen. Gillibrand, in her opening remarks, noted that over 11,000 Americans turn 65 every day. Longer lifespans mean more years in retirement, so careful retirement planning is needed, she says, stressing that aging populations put pressure on budgets and healthcare programs at all levels.

The New York Senator mentioned a recent statement by President Donald J. Trump, who suggested that Medicare and Medicaid should be managed by states rather than the federal government. She countered that comment, noting that since Medicare and Medicaid were enacted in 1965, older Americans have come to rely on these federal programs and expect them to be in place when needed.

Sen. Gillibrand pointed out that the Centers for Disease Control and Prevention data show about 44% of adults over 65 have a disability. Many people don’t see themselves in these statistics, and some find it difficult to plan to take care of a child or adult with special needs. Even when people set financial goals and save, unexpected events can still occur, she says.

Expert Witnesses disclose Insights on Financial Literacy

The Senate Aging Panel brought four expert witnesses from the Financial Industry Regulatory Authority (FINRA), the American Bankers Association Foundation, AARP, and the financial planning community to testify at the hearing. These witnesses stressed the value of financial literacy and highlighted the growing complexity of fraud schemes. They also called for a coordinated approach that leverages education, training, partnerships, and legislation to protect older Americans’ finances.

“For older Americans, financial literacy is not a luxury; it is key for building wealth, protecting savings and preserving autonomy,” says Christine Kieffer, Interim President of the FINRA Investor Education Foundation. Kieffer explained that financial literacy helps manage financial difficulties, but it is not enough to prevent scams. It should be combined with awareness of scams, an understanding of persuasion tactics, and a coordinated approach to ensure real protection.

Sam Kunjukunju, Vice President of Consumer Education at the American Bankers Association Foundation, suggested banks protect and educate older consumers, train bankers, work with law enforcement and adult protective services, and use technology. He also called for a nationwide education campaign and federal laws allowing banks to delay suspicious transactions.

From large banks to small community banks, these financial institutions offer fraud prevention workshops, online banking training, and financial wellness seminars, and coordinate outreach efforts with community organizations, says Kunjukunju, citing several examples.

Carly Roszkowski, AARP’s Vice President of Financial Resilience Programming, shared that 64% of adults worry about having enough money to retire, and nearly one in five non-retirees have no retirement savings. She discussed the real financial challenges older adults face.

AARP provides practical, easy-to-use digital tools (calculators, guides, and other resources) that enable older adults to make informed decisions about their financial future, thereby strengthening their long-term retirement security, says Roszkowski.

“The retirement system now shifts risk to the individuals, but education and support never caught up,” said Roszkowski in her testimony, explaining that the U.S. retirement system now places primary responsibility on individuals to manage savings, investing, and turning those savings into lifelong income.

“Financial literacy works – but only when it’s practical, sustained, timely, and paired with decision support,” adds Roszkowski.

Furthermore, Roszkowski argued that since individuals now bear more risk, financial literacy should be taught throughout one’s life. This approach should cover complex decisions that must be made in later years, as well as fraud risks, drawing on trusted, accessible sources.

In his testimony, Scott Kahan, a certified financial planner, also shared his experience navigating Medicare at age 65, even after 40 years in finance, to illustrate how complex it can be.

“Many people don’t use a financial planner for retirement planning. They might think they don’t have enough money or believe free help online is enough,” says Kahan, warning that this belief is often wrong and misleading.

Getting help from skilled, ethical financial planners like CFPs is essential and should not be considered a luxury, Kahan states, describing this assistance as a lifeline for managing financial complexity and avoiding fraud.

At this hearing, the expert witnesses said that today’s scams are sophisticated schemes that use Artificial Intelligence, voice cloning, and psychological manipulation. They also pointed out how hard it is to make wise choices about when to take Social Security, enroll in Medicare, and manage savings, especially when information is complex, hidden, and difficult to find on government websites, or even biased.

The witnesses also called on banks, government, regulators, nonprofits, and law enforcement to work together to help older Americans make better financial decisions and avoid scams. They often said that information and warnings should come from trusted sources such as family, bankers, financial planners, or groups like AARP.

 A Final Note…

Hopefully, the testimony at the Senate Aging Committee hearing will push Congress to move quickly to establish a “uniform national framework” that eliminates inconsistencies among state laws and better protects older Americans from today’s increasingly sophisticated fraud and scams. Possible steps include a federal “safe harbor” law allowing banks to delay disbursements or temporarily hold transactions when fraud is suspected, the creation of new task forces focused on combating elder fraud, and increased funding for national financial literacy campaigns.

The witnesses’ testimony about scams and complex systems may prompt federal agencies, such as the Securities and Exchange Commission, the Social Security Administration, and the Centers for Medicare & Medicaid Services, to make their communications and processes easier for older adults to access.

To watch the April 15 Senate Aging Committee Hearing, go to Empowering Seniors through Financial Literacy: Tools to Protect Savings, Prevent Fraud, and Promote Independence | United States Senate Special Committee on Aging

Download/read the “Guarding Your Nest Egg, a Financial Resource Guide for Older Adults:   https://www.aging.senate.gov/imo/media/doc/guarding_your_nest_egg_a_financial_resource_guide_for_older_adults.pdf

2025: A Year on the “Age Beat” in Rhode Island

Published in RINewsToday on December 29, 2025

Throughout 2025, this “Age Beat” columnist published a weekly commentary covering an extensive list of aging, healthcare, and medical issues. During this year, this columnist followed Congressional debates inside the Beltway involving Medicare, Medicaid, reauthorization of the Older Americans Act, and Social Security, reporting on how these federal policy proposals would affect older Rhode Islanders.  During the latest legislative session of the Rhode Island General Assembly, policy debates on Smith Hill were also covered in my weekly commentaries, examining how the proposed bills or enacted laws would impact state programs and services serving Rhode Island’s growing older population.

After reviewing the latest U.S. Census Data, it becomes very clear that the state’s aging population continues to grow.  For more than twenty-five years, I have tracked and continue to follow the graying of Rhode Island’s population.  Through more than 50 articles published in 2025 in Blackstone Valley Call & times and its sister publications, RINewstoday, Senior Digest and other statewide outlets, these stories have decoded complicated public policy debates, and demographic trends to shed light as to how they affect the daily lives of older adults, their caregivers, and nonprofit organizations that serve them.   

Some might interpret my weekly reporting as a way that specifically looks at older adults as one group of people.  However, others might see them on how aging impacts our own family members and our neighbors, and how we all deal with real-life challenges as we get older.

 Themes from Past Year’s Coverage

 Over the past year, several themes have become clear:  the economics of growing older and financially surviving retirement; staying safe from increasing sophisticated scams, public health issues surrounding loneliness and food insecurity; limited public transportation, finding a primary care physician, and managing multiple chronic illnesses.  Many of these commentaries also looked closely at state and federal policies that led to cuts in Medicare and Medicaid; the pressure points placed on Rhode Island’s safety net; and the ongoing policy questions the Rhode Island General Assembly is asking about how to help older adults stay independent at home—not just to live  longer, but live better.

You learn very quickly that national policy debates don’t go the same way here,, if you’ve lived in the Ocean State for a while.  A change in federal requirements of the Supplemental Nutrition Assistance Program (SNAP) or changing eligibility requirements and cuts to Medicaid funding are not distant Washington stories reported by the Washington Post or New York Times especially if they affect food, meal deliveries and health care provided in Providence, Pawtucket, Woonsocket, or Westerly. A change in Medicare drug pricing is not an abstract concept if it determines whether your older neighbor can fill a lifesaving prescription—or whether your spouse’s non-drug compliance stretches pills just to make them last.

 Many of these articles were tied to timely triggers—AARP reports detailing findings of national surveys and polls, a Senate Aging Committee or Congressional hearing putting a spotlight on an aging issue, a proposed legislative proposal being considered by Congress or the Rhode Island General Assembly. But the reporting doesn’t just give a concise summary of a policy issue. The point of these commentaries is to shed light on the issues by asking: “So what does this mean for older Rhode Islanders?” Where are the funding gaps?”  “Who is being left out?  “What can be done now while larger reforms slowly grind their way forward, only to be enacted years later?”

 Many of the commentaries published this year focused on out-of- pocket costs that increase with one’s aging —especially skyrocketing medical expenses. Even when Medicare covers a significant portion of one’s care, many older adults still face overwhelming costs, from premiums and co-pays to dental and vision needs, to uncovered services and especially costly prescription drugs and nursing home care.  The reporting also examined pending questions about Medicare’s financial future, including whether the program will be able to pay beneficiaries full benefits beyond 2033, or face potential benefit cuts.  Even the Washington, DC-based National Committee to Preserve Social Security and Medicare’s call for expanding the retirement program, along with raising the cap to enable Social Security to pay its bills made it into these commentaries.

 Another common theme in this year’s published commentaries is the recognition that aging affects not only our bodies and wallets, but also our emotions and relationships as well. The past year’s reporting on the role of loneliness and isolation serves as a reminder of how harmful they can be, especially when they lead to worse health outcomes.  In these writings, the goal is not to romanticize “community” but to show how social connection and networks in a “community” can be a good way to improve one’s health.

 The commentaries on loneliness do not regard the negative emotional response as a personal deficiency but rather as a significant policy concern influenced by the persistent scarcity of affordable housing, inadequate public transportation, mobility limitations, the loss of spouses and friends, and communities designed around the use of cars rather than their pedestrian walkability or accessibility.  How we view this matters because it is the framing that shifts the discussion away from “Why don’t older adults get out more?” to “What community barriers make connections harder to make—and what public supports are needed to make community connections possible?”

 Taking a New Look at Being Age-Friendly

The commentary on “age-friendly” thinking shows how Rhode Island’s 39 cities and towns can change their programs, services, and public spaces to keep older adults engaged in their community instead of primarily isolated. The announcement that the City of Pawtucket had joined Newport, Cranston, Providence, Westerly, and Bristol to become one of Rhode Island’s Age-Friendly Network Communities is an example.  We hope to report on more communities doing the same.

Over the past year, coverage of food insecurity, and a profile on the Meals on Wheels of Rhode Island, have helped to answer bigger policy questions:  What happens when demand goes up but and payments don’t? How do people get on waiting lists?  “What does “service disruption” mean for someone living at home? And how much does it cost—both in money and in people, when these programs have to be cut back?

One of the most important things we’ve reported on this year is consumer protection, especially when it comes to scams that target older people, because they are often the ones that more easily fall for scams because they have savings and are concerned about them, aren’t as familiar with digital manipulation, or have cognitive impairment.  There are many reasons why this topic is important right now, especially with new technology being used to spread scams.  And the Rhode Island General Assembly has been quick to act.  One commentary informed readers that Rhode Island has passed a new law to crack down on Crypto ATM fraud, making it the 12th state to do so.

 The best reporting on scams doesn’t just explain the tricks and why people fall for them – it also keeps the reader updated as to how scams keep changing.  Plus, it gives you practical tips as to how to avoid them, like pausing before you respond, double-checking what you’re told, and turning to someone you trust if something feels off, verifying, and seeking trusted help before acting. I wrote about these tips in great detail.

These consumer protection commentaries didn’t blame the victims, rather by framing scams as a systemic program caused by new technology and weak verification standards. And it makes this point clear.  Scams are not just seen as financial crimes; they can also cause shame, isolation, and stress that can harm your health.

 Caregiving is also another common topic in this year’s published commentaries. Aging advocates will tell you that caregivers are the hidden backbone of providing care to those in need.  They will tell you that family members, friends, and neighbors help out in ways that would otherwise need paid services or institutional care.  An AARP report says that about 121,000 in Rhode Islanders provided unpaid care to others in 2021 – estimated to be valued monetarily at over $2.1 billion.

 These commentaries on caregiving don’t talk about it in terms of sentiment, but in terms of policy, taking a look at time costs, impact on jobs, burnout, and the lack of enough respite support. The reporting also helps to shed light on common caregiver stress, and that needing help is not a personal failure but a normal result of  demographics and underfunded state programs and services.

When National Policy Hits Close to Home

In Rhode Island, where community-based services are important  to “aging in place,” the weekly coverage has helped readers to understand the whole long-term care continuum—from home care to day care to senior centers to assisted living to nursing home care, if needed.

 At best, access to health care is uneven; transportation is a barrier to many; affordable, accessible housing is limited; and the Medicaid-funded workforce that helps people stay at home is overworked and underpaid.  Older adults are dealing with rising costs for food, utilities, and rent or home upkeep, as well as the effects of inflation.

 Although many of this year’s commentaries put the spotlight on policy issues that need to be fixed, they also provide state policy makers ideas to solve these issues.  These are advocacy groups age-friendly planning; stronger protections for consumers; smarter use of technology; and increased state funding that treats community-based supports as cost-effective interventions rather than optional add-ons.

Congress Moves on a National Anti-Scam Strategy to Protect Older Adults

Published in RINewsToday on December 8, 2025

Last month, the AARP, recognizing that the holiday season leading up to Christmas is widely viewed as “prime time” for scams targeting older Americans, released findings from its 2025 Holiday Shopping and Scams Survey. According to the AARP Fraud Watch Network, fraud aimed at online shoppers and holiday donors continues to skyrocket.

With Christmas fast approaching, millions of Americans are preparing to shop and give online. The Survey, released just nine days before Thanksgiving, reveals that a majority of U.S. adults (89%) have encountered at least one scam. These include fake notifications about shipment issues (55%), phony charity appeals (35%), misleading digital ads (39%), and even the physical theft of packages from porches (30%). More than half of adults said they received a fake shipping notice this year, while nearly four in ten encountered deceptive ads on social media.

“Criminals are relentless during the holidays, exploiting the many opportunities that come with a busy season—from shopping and traveling to charitable giving,” said Kathy Stokes, Director of Fraud Prevention Programs at the AARP Fraud Watch Network, in a Nov. 18 statement.  “Understanding how they operate is the first step toward protecting yourself and your loved ones,” she says.

Although online scams continue to rise, many consumers still prefer using debit cards—even though recouping funds taken from a victim’s bank account often takes far longer than resolving a disputed credit card charge. Still, the report shows that safer payment habits are gaining ground.

While 72% of consumers plan to use a debit card this year, credit card use is up significantly from 2024 (64%), with nearly seven in ten planning to use a credit card during the upcoming holiday season.

The survey also found that 64% of consumers who plan to purchase gift cards this season expect to buy them off the rack at retail stores, such as grocery stores or pharmacies. This continues to be a major vulnerability: 33% of U.S. adults reported giving or receiving a gift card with no balance. Fraudsters often record the card number, expose and reseal the PIN, then wait for activation before draining the funds.

Consumers are increasingly targeted through peer-to-peer (P2P) payment apps as well, with two in five users reporting that they have sent money to someone they did not know. Despite growing awareness, many people still underestimate the risks of using debit cards or fail to verify charitable organizations before donating.

New Federal Plan Aims to Protect Seniors

AARP’s survey found that 92% of respondents—across liberal, moderate, and conservative viewpoints—want Congress to do more to protect older adults from fraud. And Congress appears to be listening.

Last week, U.S. Sen. Kirsten Gillibrand (D-NY), ranking member of the Senate Aging Committee, held a Dec. 4 virtual press conference announcing the introduction of S. 3355, National Strategy for Combating Scams Act of 2025, legislation aimed at providing stronger safeguards for seniors this holiday season and beyond. This bill was referred to the Senate Judiciary Committee.  Gillibrand warned that financial scams, which cost Americans more than $16 billion last year, disproportionately harm older adults.

Throughout the event, Gillibrand underscored the economic hardship caused when older adults lose money to fraud. She noted the rapid evolution of artificial intelligence, which is enabling scammers to create more sophisticated and “hyper-realistic imposter scams” that require immediate government action.

Senate cosponsors include Sens. Rick Scott (R-FL), Mark Kelly (D-AZ), and Ashley Moody (R-FL). H.R. 6425, companion legislation is being led in the House by Reps. Gabe Amo (D-RI) and Derek Schmidt (R-KS).  Hopefully, we’ll see Rep. Seth Magaziner (D-RI) join Rep. Eleanor Homes Del Norton (D-District of Columbia) and Rep. Sarah McBride (D-DE) as cosponsors.

According to Gillibrand, more than four in ten Americans say they have lost money to scams or had their sensitive information stolen. Older adults account for an estimated 30% of financial losses, with an average loss of $83,000 per incident. Gillibrand shared the story of a 75-year-old man who received up to five scam calls each day and a senior woman who lost $39,000.

The Government Accountability Office (GAO), often referred to as Congress’s watchdog, recently identified at least 13 federal agencies conducting anti-scam efforts, each working independently under different mandates. GAO recommended that the FBI take the lead in establishing a unified National Strategy for Combating Scams. Gillibrand’s bill would give the FBI a legal obligation to implement that framework.

During the press conference, Gillibrand also addressed underreporting, noting that many victims—like her own aunt who lost $5,000 to a scammer impersonating an FBI agent—feel too embarrassed to tell family members or law enforcement. She shared the story in response to a question from Brian O’Neill, host of Newsmaker on WLEA Radio, underscoring how shame and secrecy allow scammers to continue exploiting vulnerable individuals.

“I’m proud to introduce the bipartisan National Strategy for Combating Scams Act to help make sure seniors don’t get scrooged this holiday season,” said Gillibrand. “It’s clear that we need a coordinated national strategy to tackle the increasingly sophisticated scams targeting our seniors, and this legislation would bring that to fruition. I look forward to working with colleagues on both sides of the aisle to get this vital bill across the finish line.”

Sen.Rick Scott (R-FL), chair of the U.S. Senate Special Committee on Aging, added: “Families across the country are being hammered by increasingly sophisticated scams, and Washington has been far too slow to respond. This bipartisan effort finally brings federal agencies together, cuts duplication, and creates a real national plan to protect seniors and hardworking Americans.

AARP, which represents 125 million adults age 50 and over, strongly endorses the National Strategy for Combating Scams Act of 2025. “The strategy encourages smarter use of technology, better data collection, and stronger partnerships with banks, tech companies, and law enforcement to help prevent scams and support victims. And it prioritizes making resources easier to access, providing more effective recovery for those who’ve been targeted,” says AARP’s Jennifer Jones, vice president of Financial Security & Livable Communities, Government Affairs.

House Considers Companion Anti-Scam Bill

On the House side, Rep. Amo introduces a companion measure (H.R. 6425). “Too many Rhode Islanders have been taken for a ride by scammers skimming their pockets and stealing their hard-earned money, leaving many devastated and destitute,” he said. “I’m proud to introduce the bipartisan National Strategy for Combating Scams Act to ensure we are addressing the rising scam threat in a coordinated and strategic manner.”

According to the FBI, Rhode Islanders lost $6,309,411 to senior fraud in 2024 alone. Earlier this year, Amo launched the bipartisan Stop Scams Caucus to combat financial fraud, cyber scams, and cross-border criminal networks. In Rhode Island, he also convened a roundtable discussion at the Middletown Senior Center focused on scam prevention.

The National Strategy for Combating Scams Act is endorsed by a broad coalition of national organizations, including AARP, Aspen Institute Financial Security Program, Chamber of Progress, Global Anti-Scam Alliance, Justice in Aging, the National Adult Protective Services Association (NAPSA), National Association of Social Workers, National Asian Pacific Center on Aging, National Caucus and Center on Black Aging, National Sheriffs’ Association, Stop Scams Alliance, and many others.

To view AARP’s holiday scam report, go to https://www.aarp.org/content/dam/aarp/research/topics/work-finances-retirement/fraud-consumer-protection/holiday-shopping-scams-2025.doi.10.26419-2fres.00992.001.pdf