    [Senate Hearing 119-446]
    [From the U.S. Government Publishing Office]

                                                        S. Hrg. 119-446

                           EMPOWERING SENIORS THROUGH
                          FINANCIAL LITERACY: TOOLS TO
                        PROTECT SAVINGS, PREVENT FRAUD,
                            AND PROMOTE INDEPENDENCE
    =======================================================================

                                    HEARING

                                   BEFORE THE

                           SPECIAL COMMITTEE ON AGING

                              UNITED STATES SENATE

                        ONE HUNDRED NINETEENTH CONGRESS

                                 SECOND SESSION

                                   __________

                                 WASHINGTON, DC

                                   __________

                                 APRIL 15, 2026

                                   __________

                               Serial No. 119-28

             Printed for the use of the Special Committee on Aging

    [GRAPHIC NOT AVAILABLE IN TIFF FORMAT]

            Available via the World Wide Web: http://www.govinfo.gov

                                   __________

                        U.S. GOVERNMENT PUBLISHING OFFICE
    64-009 PDF                  WASHINGTON : 2026
    =======================================================================
                           SPECIAL COMMITTEE ON AGING

                         RICK SCOTT, Florida, Chairman

    DAVE McCORMICK, Pennsylvania         KIRSTEN E. GILLIBRAND, New York
    JIM JUSTICE, West Virginia           ELIZABETH WARREN, Massachusetts
    TOMMY TUBERVILLE, Alabama            MARK KELLY, Arizona
    RON JOHNSON, Wisconsin               RAPHAEL WARNOCK, Georgia
    ASHLEY MOODY, Florida                ANDY KIM, New Jersey
    JON HUSTED, Ohio                     ANGELA ALSOBROOKS, Maryland
                                  ----------
                    McKinley Lewis, Majority Staff Director
                    Claire Descamps, Minority Staff Director

                            C  O  N  T  E  N  T  S

                                  ----------

                                                                       Page

    Opening Statement of Senator Rick Scott, Chairman................     1
    Opening Statement of Senator Kirsten E. Gillibrand, Ranking
      Member.........................................................     3

                               PANEL OF WITNESSES

    Christine Kieffer, Senior Director and Interim Head, Office of
      Investor Education, FINRA, Washington, DC......................     4
    Sam Kunjukunju, Vice President of Consumer Education, American
      Bankers Association Foundation, Washington, DC.................     6
    Carly Roszkowski, Vice President of Financial Resilience
      Programming, AARP, Washington, DC..............................     7
    Scott Kahan, CFP, President & Senior Financial Planner, Financial
      Asset Management Corporation, Chappaqua, New York..............     9

                                    APPENDIX
                          Prepared Witness Statements

    Christine Kieffer, Senior Director and Interim Head, Office of
      Investor Education, FINRA, Washington, DC......................    26
    Sam Kunjukunju, Vice President of Consumer Education, American
      Bankers Association Foundation, Washington, DC.................    47
    Carly Roszkowski, Vice President of Financial Resilience
      Programming, AARP, Washington, DC..............................    56
    Scott Kahan, CFP, President & Senior Financial Planner, Financial
      Asset Management Corporation, Chappaqua, New York..............    70

                            Questions for the Record

    Sam Kunjukunju, Vice President of Consumer Education, American
      Bankers Association Foundation, Washington, DC.................    81
    Carly Roszkowski, Vice President of Financial Resilience
      Programming, AARP, Washington, DC..............................    82
    Scott Kahan, CFP, President & Senior Financial Planner, Financial
      Asset Management Corporation, Chappaqua, New York..............    85

                           Statements for the Record

    Defense Credit Union Council Statement...........................    89

                           EMPOWERING SENIORS THROUGH
                          FINANCIAL LITERACY: TOOLS TO
                        PROTECT SAVINGS, PREVENT FRAUD,
                            AND PROMOTE INDEPENDENCE

                                  ----------

                           Wednesday, April 15, 2026

                                            U.S. Senate
                                     Special Committee on Aging
                                                        Washington, DC.
        The Committee met, pursuant to notice, at 3:30 p.m., Room
    SD-216, Hart Senate Office Building, Hon. Rick Scott, Chairman
    of the Committee, presiding.
        Present: Senator Scott, Moody, Husted, Gillibrand, and Kim.

                     OPENING STATEMENT OF SENATOR
                          RICK SCOTT, CHAIRMAN

        The Chairman. The U.S. Senate Special Committee on Aging
    will now come to order.
        I'd like to start today's hearing by asking you to think
    about someone you love. We all have somebody we love. I would,
    first off, think about our five-year-old granddaughter that
    turns six tomorrow. She's so excited about her birthday. Maybe
    it's a parent, or a grandparent, or even a neighbor you've
    lived down the street from your whole life. Someone who worked
    hard their entire career, did everything they could to set
    themselves up for retirement, with the information available to
    them.
        Now, ask yourself, ask yourself, is that enough? Does that
    person know when the best time to claim their Social Security
    benefits is? Do they know what happens to their monthly check
    if you claim it at 62, versus 67, versus 70? Do they know the
    difference between a Medicare Advantage plan and a Medigap
    supplement? Do they know what questions to ask before handing
    their savings over to a financial planner?
        Chances are, they don't. It's not entirely their fault. For
    so many Americans, and especially our seniors, it's hard to
    find the information. When you do find it, it's often
    incredibly complicated, and it might be biased. As a country,
    we have done a poor job of ensuring people know their options
    and what route will work best for their needs. I wonder how AI
    answers these questions, it will be interesting, and it's
    having real consequences on our seniors' lives.
        Right now, nearly half of older American households earn
    less than what's needed to cover basic living expenses;
    housing, health care, transportation, food, the basics, and
    they've all gone up in cost. Social security, which is about 78
    percent of retirees. What they depend on, only replaces about
    40 percent of pre-retirement income, on average. Sometimes,
    people don't think about that. The math is hard. The reality is
    stark. There's little room for error.
        At the same time, older Americans are being forced to make
    some of the most consequential financial decisions of their
    entire lives; when to retire, when to claim benefits, how to
    draw down savings without outliving them, how to evaluate
    insurance products, how to protect a home and estate. One
    thing, like in our state, people are frustrated. You buy a
    house, and your property insurance keeps going up, or your HOA
    fees. When I was growing up, if you got your house paid off,
    there was almost no other cost.
        These aren't easy questions, and too many seniors are
    answering them alone, without clear guidance, under real
    pressure, and with less of a cushion than they expected. The
    result becomes a guessing game, where they hope for the best,
    and often, fear for the worst but you can't blame them. Too
    often, the resources they are supposed to help people best
    prepare are buried on government websites, written in language
    designed for policy experts, and delivered too late. I just
    learned yesterday, when the FDA does a recall, they just put it
    on a website. That's all they do, so you have no idea. It's
    fascinating. No idea. Who would think that would be a problem?
        The challenges don't stop there. On top of all that, the
    scammers come calling. You know, I get on a daily basis now,
    and I delete it, and I hit send, somebody that has said I'm
    approved for a new credit line. Every day, it's a different
    number. Every day. In 2020, fraud and scam cost older Americans
    nearly five billion. These criminals are not amateurs. They use
    tools like artificial intelligence, voice cloning, government
    impersonation, and more to attack us all. They do their
    homework. They know exactly what to say and exactly how to say
    it. For all the work, they are counting on one thing: that
    nobody ever warned their victim about what to look for. That
    needs to change.
        Financial literacy is one of the most powerful and most
    underused tools we have to protect older Americans, not just
    from fraud, but across the board. When seniors understand how
    their benefits work, they make better decisions. 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.
        I got a letter from a Canadian law firm that said they
    think somebody died that was related to me because they had the
    last name, Scott, and they said they would split it with me and
    it was something like eight million, or ten million, or twelve
    million bucks and so, it looked like a nice letterhead from a
    law firm. I looked up. I got on the web, and I looked up the
    law firm. It looked like a legitimate law firm, but they didn't
    have any lawyers.
        When they understand the difference between legitimate
    investment and pitch that's too good to be true, they protect
    themselves. When they know where to turn for trusted help, they
    know they're not navigating this alone and the best part? This
    doesn't require a new government program or more federal
    bureaucracy. It doesn't require more spending to be thrown at
    the problem. It requires clear information, trusted messengers,
    and the commitment to actually get that information to people's
    hands.
        This is exactly what this Committee set out to do, and
    today, I'm proud to announce the upcoming release of our--it's
    from both the ranking member and me. It's a new resource,
    "Guarding Your Nest Egg: A Financial Resource Guide for Older
    Adults." This package will cover the decisions that matter most
    in retirement; Social Security, Medicare, housing, charitable
    giving, disaster preparedness, and planning for the unexpected.
        We also provide clear guidelines as to what a scam looks
    like, and how to guard yourself against them. Plain language
    tools you can actually use. It's available today at
    aging.senate.gov, because every older American in this country
    deserves the tools to protect what they spent a lifetime
    building. Not more red tape, not more bureaucracy, just clear
    information, and the freedom to use it.
        Now, let me turn it over to the ranking member, who's been
    a pleasure to work with on this Committee.

                     OPENING STATEMENT OF SENATOR
                 KIRSTEN E. GILLIBRAND, RANKING MEMBER

        Senator Gillibrand. Thank you, Chairman Scott.
        I'm very grateful that we're having this hearing today. I'm
    very excited about our report. I think it's going to be great.
    I think people are going to benefit from it and use it. Thanks
    to the witnesses for being here. I appreciate your expertise,
    and your willingness to come help inform this debate so that we
    can hopefully do good things for our seniors and help them.
        April is recognized as National Financial Literacy Month,
    and serves to raise awareness about the importance of financial
    education and income security. Over 11,000 Americans turn 65
    every day, and longer lifespans translate into spending more
    years in retirement, fueling a need to carefully plan and to
    strategically save. These aging demographics also place a
    strain on our national, state, and local budgets, as well as
    our healthcare programs.
        Recently, the President shared that in his estimation,
    "It's not possible to take care of Medicaid and Medicare. They
    can do it on a state basis. You can't do it on the federal
    level." I would like to offer a strong counterargument to this
    statement. Since 1965, when Medicaid and Medicare were signed
    into law for older Americans, the disabled, and people with
    limited resources, the American people have expected these
    programs to be there to help take care of them and their loved
    ones, when they need them.
        Just as government plan, develop, and budget for public
    programs, so do the American people when they're saving for
    their own lives. No matter the circumstance, whether they are
    focused on wealth management, tax strategies, building an
    emergency savings fund, or simply navigating, paying for health
    insurance premiums or skilled nursing costs in retirement,
    Americans are simply doing the best they can to financially
    plan and provide for themselves and their families.
        CDC data shows that approximately 44 percent of adults over
    65 are diagnosed with a disability. However, many people
    struggle to see themselves in these health statistics, or to
    develop a future plan for a special needs adult or child and
    despite individuals finding the time in their busy lives to
    build financial goals, and striving to adopt a commitment to
    savings, the unexpected always happens. Suddenly, you have an
    injury, a loss of a job, or a death in the family, and it could
    be the family's breadwinner, requiring financial stabilization,
    resilience, and a new path forward.
        The Consumer Financial Protection Bureau serves individuals
    who suffer a financial shock, and victims of financial fraud
    and different scams, by providing resources and educational
    materials. We recognize that more needs to be done,
    strategically, to coordinate across government to better
    protect older adults from financial abuse and elder abuse.
        I look forward to hearing from Americans and how they can
    become better empowered to secure their own future through
    enhanced financial competency, and what opportunities exist to
    improve financial and digital literacy in our education system.
    I also welcome your views on how we tackle persistent gaps in
    financial and digital literacy in underserved communities, and
    for women who are frequently responsible for caregiving and
    providing for multigenerational households.
        Thank you, Mr. Chairman.
        The Chairman. Thank you, Ranking Member.
        Now, I'd like to welcome our witnesses to join us for
    today's hearing. Our first witness is Christine Kieffer, senior
    director and interim head of FINRA's Office of Investor
    Education. FINRA is the frontline watchdog for America's
    investment markets, responsible for overseeing broker-dealers,
    enforcing the rules that protect investors, and make sure that
    people selling financial products actually meet the standards
    required to do so.
        Christine leads FINRA's investor education mission, where
    they work on developing the tools, resources, and programs that
    help everyday Americans, including older Americans, understand
    their financial options and protect themselves from bad actors.
        Thank you for being here, and please begin your testimony.

            STATEMENT OF CHRISTINE KIEFFER, SENIOR DIRECTOR

                  AND INTERIM HEAD, OFFICE OF INVESTOR

                    EDUCATION, FINRA WASHINGTON, DC

        Ms. Kieffer. Good afternoon, Chairman Scott, Ranking Member
    Gillibrand, and members of the Committee. My name is Christine
    Kieffer, and I serve as interim head of investor education at
    FINRA. I'm honored to be here to offer insights on the role of
    financial literacy in empowering seniors and preventing fraud.
        FINRA is a self-regulatory organization whose mission is to
    protect investors and preserve market integrity. The member
    firms and associated professionals we oversee are deeply
    committed to the issues discussed today. For older Americans,
    financial literacy is not a luxury. It's an essential set of
    skills needed for building wealth, protecting savings, and
    preserving autonomy. A devastating loss at the hands of a
    scammer can undo a lifetime of work, and severely impact both
    mental and physical health.
        Today, I would like to emphasize three points. Financial
    literacy is protective, it is only part of the solution, and
    success requires a team effort. First, financial literacy is a
    critical buffer against the predictable and unpredictable
    challenges of aging. Individuals with higher financial literacy
    are more likely to have emergency savings, better able to
    manage unexpected costs, and less susceptible to scams.
    Financial literacy matters not only in older age, but as we
    age. To support evidence-based programming, the FINRA
    Foundation undertakes and sponsors research to help
    policymakers and other stakeholders address financial literacy
    gaps.
        Second, financial literacy alone cannot provide adequate
    protection against scams at scale. It must be coupled with
    awareness of specific scams, and a fluency in the tactics of
    persuasion or persuasion literacy. Collectively, these skills
    help individuals defend against emotional manipulation and
    safeguard their assets. To maintain effectiveness, however,
    scam prevention messaging must be widely disseminated and
    frequently, and we must employ other tools, including
    enforcement and regulatory action to protect Americans.
        Third, tackling financial fraud requires a collaborative
    approach. Cybersecurity and fraud threats are often
    sophisticated operations, orchestrated by organized criminals
    across the globe, demanding a unified response. FINRA does its
    part to detect, prevent, and respond to these threats by
    working with a network of collaborators developing and
    distributing fraud prevention resources, and training consumers
    and professionals, including our member firms, law enforcement,
    federal and state regulators, social workers, and mental health
    professionals.
        FINRA's member firms are on the front lines of investor
    protection. As a regulator, we are continuously improving our
    response to evolving threats. Early last year, we launched
    FINRA Forward, a series of initiatives to modernize our
    regulatory approach, including expanding our cybersecurity and
    fraud prevention activities. It also includes making
    enhancements to our rules that assist firms in safeguarding the
    accounts of older and vulnerable adults and in March of this
    year, we launched the Financial Intelligence Fusion Center,
    which is a secure forum where firms can receive and share
    timely, actionable cybersecurity and fraud threat intelligence
    to protect their customers and businesses.
        Our collaboration extends to Congress, too. Last year, we
    hosted a fraud prevention and response training for
    constituent-facing staff. One office contacted us after the
    training to request assistance helping a constituent who was on
    the precipice of being victimized. The caseworker later shared
    that their intervention was successful, and the constituent
    walked away from the scam attempt unharmed.
        Encouraged by this feedback, in May, we will be expanding
    this program with the launch of the Frontline Responders
    Program, a training that will equip congressional offices with
    the expertise to help constituents identify and report fraud,
    and find additional support. FINRA has long been committed to
    protecting senior investors and combating financial fraud. We
    look forward to lending our support to your efforts. Thank you.
        The Chairman. Thank you. Our next witness, Sam Kunjukunju,
    vice president of consumer education at the American Bankers
    Association Foundation. The ABA represents banks of every size
    around the country, and the foundation is dedicated to helping
    Americans build the financial knowledge they need to make smart
    decisions at every stage of life.
        Sam leads their consumer education work, and he understands
    something that doesn't get said enough: banks are often the
    first institution to notice when something has gone wrong for a
    senior customer. Whether it's a sudden wire transfer, an
    unusual withdrawal, or a pattern, that doesn't just add up,
    banks are often the first to notice.
        Thanks for being here. Please begin your testimony.

              STATEMENT OF SAM KUNJUKUNJU, VICE PRESIDENT

                OF CONSUMER EDUCATION, AMERICAN BANKERS

                 ASSOCIATION FOUNDATION, WASHINGTON, DC

        Mr. Kunjukunju. Chairman Scott, Ranking Member Gillibrand,
    and members of the Committee, thank you for the opportunity to
    testify at today's hearing. My name is Sam Kunjukunju. As you
    mentioned, I'm the vice president of consumer education at the
    American Bankers Association Foundation, a subsidiary of the
    American Bankers Association, that develops programs to help
    banks support the financial well-being of their customers and
    communities.
        As you noted earlier, America is aging. By 2030, one in
    five people will be aged 65 and older. At the same time, elder
    financial exploitation is rising. Between 2024 and 2025, the
    FBI observed a nearly 60 percent increase in reported financial
    losses, and a 37 percent increase in complaints among older
    people. The FTC estimates losses might have been as high as
    $81.5 billion in 2024 alone among older adults.
        Given this reality, the ABA and the ABA Foundation works
    with banks on a four-pronged strategy to help protect older
    adults. First, educating consumers. Second, training bankers.
    Third, cultivating partnerships with law enforcement and adult
    protective services, and fourth, leveraging technology.
        In 2016, the ABA Foundation launched the Safe Banking for
    Seniors program to equip bankers with tools to educate older
    adults. We provide bankers with presentation, slides, videos,
    handouts, and a variety of different materials to deliver
    community workshops. The program supports older adults and
    their families by focusing on preventing exploitation,
    strengthening financial caregiving, and managing money. It
    covers topics such as avoiding scams, preventing identity
    theft, digital safety matters, choosing a financial caregiver,
    understanding powers of attorney, and retiring with limited
    resources. To date, more than 2,000 banks have participated in
    the program.
        We also collaborate with federal partners such as the FBI,
    the Secret Service, and eight other agencies to produce
    infographics on scams targeting older adults, from check
    washing and cryptocurrency investment scams, to government
    imposter and tech support scams and we run national awareness
    campaigns like Banks Never Ask That, and Practice Safe Checks
    to reinforce simple steps consumers can take to prevent fraud.
        Beyond the consumer education campaigns, we work with
    bankers to recognize, respond to, and report elder financial
    exploitation. We developed an online course for bankers on
    elder financial exploitation prevention and created an Elder
    Fraud Prevention Summit to train bankers on protecting older
    customers. Additionally, we recognize that strong coordination
    with law enforcement and adult protective services is
    essential. We work with the National Adult Protective Services
    Association and convene forums that help banks and
    investigators share trends, improve communication, and partner
    together to combat elder financial exploitation.
        Last, ABA helps banks explore innovative software solutions
    through the ABA Partner Network to strengthen fraud prevention
    efforts. These tools help banks detect suspicious activity,
    streamline reporting, and provide customers with more
    accessible banking experiences.
        Banks across the Nation recognize that protecting older
    adults requires a diverse set of strategies, from large
    institutions to small community banks. Banks are hosting fraud
    prevention workshops, online bank training, financial wellness
    seminars, and coordinating outreach with community
    organizations.
        While the banking industry is investing significantly in
    protecting older people, the scale of today's scams requires a
    strategic, coordinated national response. America needs a
    nationwide education campaign bringing together federal
    agencies, nonprofits, as well as the private sector, to expose
    common scam tactics such as impersonation, manufactured
    urgency, demands for secrecy, and pressure to act quickly. At
    the same time, Congress should consider legislative solutions
    that empower banks to delay transactions when they suspect
    elder financial exploitation. A clear federal standard with an
    appropriate, safe harbor would help financial institutions
    further protect older adults.
        In conclusion, the banking industry is committed to
    protecting older adults through education, partnerships, and
    responsible innovation. With a unified national awareness
    campaign and clear authority to pause transactions when
    suspecting exploitation, we can better prevent fraud and help
    older people preserve the financial security they have worked a
    lifetime to build.
        Thank you for the opportunity to testify at today's
    hearing. I look forward to your questions.
        The Chairman. Thank you, Sam. Now, I'd like to introduce
    Carly Roszkowski, vice president of financial resilience
    programming at AARP. Carly leads AARP's efforts to help seniors
    build real financial resilience, the kind that holds up when
    costs rise, when a scammer calls, or when life throws something
    unexpected at you in retirement. AARP reaches older Americans
    in every congressional district in this country, and she brings
    both the data and the on-the-ground experience to speak to what
    seniors are actually facing.
        Thank you for being here. Please begin your testimony.

             STATEMENT OF CARLY ROSZKOWSKI, VICE PRESIDENT

                  OF FINANCIAL RESILIENCE PROGRAMMING,

                          AARP, WASHINGTON, DC

        Ms. Roszkowski. Thank you, Chairman Scott, Ranking Member
    Gillibrand, and members of the Committee for inviting me to
    testify for this timely and important hearing. My name is Carly
    Roszkowski, and I am the vice president of financial resilience
    programming at AARP. We deeply appreciate your attention to the
    important role financial literacy plays in building a more
    secure retirement.
        Financial literacy is foundational to economic security. It
    can help Americans save to afford housing and health care,
    avoid debt and fraud, make informed retirement decisions, and
    remain independent as they age but financial literacy is not
    something that can be one and done. It must happen across one's
    life, especially as we age, when financial decisions become
    more complex and the consequences more severe.
        We live in a new world, where the retirement system has
    shifted risk from companies to workers. Individuals, not
    companies, must manage saving, investing, and turning those
    savings into lifelong income. Folks now have to decide on
    investment strategies, decide when and how to claim Social
    Security, draw down assets with little or no professional
    guidance, and balance that with ever rising living costs and
    unknown lifespans. To make things worse, these decisions often
    occur during major life transitions, retirement, caregiving,
    widowhood, job loss, or health challenges, when people are
    least equipped to absorb complexity or recover from mistakes.
        Today, 64 percent of adults worry they won't have enough
    money to retire, and nearly one in five non-retires has no
    retirement savings at all. Millions of retirees have returned
    to work, primarily because they need the income, though purpose
    does matter, too. Rising costs, longevity, uncertainty, and
    lack of guaranteed income mean this trend will likely continue.
    Work has become a bridge to financial security later in life,
    but that bridge is strongest when people understand the
    financial tradeoffs involved and have access to clear, trusted
    information.
        Financial literacy is also a critical defense against
    fraud. Older adults are disproportionately targeted by
    increasingly sophisticated scams that exploit technology,
    urgency, and trust. Fraud is no longer limited to suspicious
    phone calls. It involves email, text messages, social media,
    and artificial intelligence. Without ongoing, accessible
    financial education, even experienced consumers can be
    vulnerable.
        That is why financial literacy for older Americans must go
    far beyond basic lessons on saving or budgeting. It must
    include guidance on managing retirement income, coordinating
    Social Security with work and health costs, understanding
    decumulation, navigating digital financial tools, and
    recognizing and responding to fraud. It must reflect how people
    actually experience finances later in life, not just early in
    their careers.
        Equally important, financial education must be delivered in
    ways that work for older adults. A one-size-fits-all approaches
    are not effective. People vary widely in their comfort with
    technology. Learning styles and access to information programs
    are most effective when they use trusted messengers, plain
    language, and real-world examples.
        At AARP, we see that when older adults have access to
    relevant, trustworthy financial information, outcomes improve.
    People are better able to avoid scams, manage debt, stretch
    their savings, and maintain independence longer. Financial
    literacy is not just an individual benefit. It reduces public
    costs and strengthens families and communities.
        In closing, the realities of longer lives, for some, rising
    costs, and a retirement system that places increasing
    responsibility on individuals demand a renewed focus on
    financial literacy that is practical, ongoing, and actionable.
    By investing in trusted education, decision support tools, and
    policies that reflect how people work and retire today, we can
    help ensure that every American has the knowledge and
    confidence to achieve financial security, independence, and
    dignity as they age. As Congress considers how to strengthen
    financial literacy efforts, we urge you to ensure a lifelong
    approach and ensure older adults needs are a priority.
        Thank you for your leadership and commitment to protecting
    older Americans. I look forward to your questions.
        The Chairman. Thank you, Carly. Now, I'd like to recognize
    Ranking Member Gillibrand to introduce our last witness.
        Senator Gillibrand. Thank you, Mr. Chairman. I want to move
    to introduce our next witness, Scott Kahan. Mr. Kahan is a
    certified financial planner, educated and lifelong New Yorker.
    In 1986, Mr. Kahan founded the Financial Asset Management
    Corporation, which operates in Westchester County and New York
    City, and serves as president and senior financial planner.
        He provides pro bono financial planning for those in need,
    regularly organizes college planning seminars for the
    community, and is responsible for the establishment of the
    Certificate in Financial Planning program at NYU. Notably, Mr.
    Kahan spearheaded the coordination of pro bono financial
    planning services for affected 9/11 families and provides
    assistance to individuals who continue to cope with ongoing
    impacts.
        Mr. Kahan, it's your time to speak.

                STATEMENT OF SCOTT KAHAN, CFP, PRESIDENT

              & SENIOR FINANCIAL PLANNER, FINANCIAL ASSET

              MANAGEMENT CORPORATION, CHAPPAQUA, NEW YORK

        Mr. Kahan. Chairman Scott, Ranking Member, Gillibrand, and
    members of the Committee, thank you for the opportunity to
    testify today. My name is Scott Kahan, I'm a certified
    financial planner professional, and for more than 40 years, I
    have worked directly with individuals and families in New York
    to help them build financial security and peace of mind. I
    appreciate the Committee's focus on empowering seniors through
    financial literacy, particularly during Financial Literacy
    Month.
        In both my personal and professional life, I have learned
    that access to trustworthy financial planning improves
    outcomes. Research consistently shows that individuals who work
    with the CFP professional are more likely to have emergency
    savings, feel financially secure, and feel confident about
    their future. Financial planning isn't a luxury, it's a
    lifeline and when it matters most, it needs to come from a CFP
    professional.
        Today's seniors face incredibly complex financial
    decisions, choosing when to claim Social Security, navigating
    Medicare, managing retirement income, and planning for long-
    term care, among other challenges. At the same time, seniors
    are being targeted by increasingly sophisticated fraud.
    Advances in AI have made scams more convincing than ever. It
    can be hard to tell what is real.
        When seniors are victimized by fraud, the impact is often
    devastating. Unlike younger victims, seniors frequently do not
    have time or income to recover. Money lost to fraud is money
    they plan to use to support themselves in retirement. The harm
    is immediate, and under the current tax law, victims often face
    a tax bill on those losses, creating a double hit. For many
    seniors, financial fraud is not just a setback, it's permanent.
        We should empower seniors with clear information,
    trustworthy guidance, and tools to protect themselves in an
    increasingly complex financial landscape. Financial security
    supports independence, family stability, and dignity in later
    life. Financial literacy and access to competent and ethical
    financial planning can make a real difference.
        CFP professionals help individuals cut through complexity,
    recognize bad information, and make decisions grounded in their
    best interests. We work holistically across budgeting,
    investing, insurance, taxes, and retirement planning. Just as
    important, we are financial first responders, and often spot
    early warning signs of fraud or financial exploitation, and can
    help intervene before damage becomes irreversible.
        The broader financial picture in this country makes this
    work even more urgent. Many Americans are financially
    vulnerable long before fraud enters the picture. A large
    portion of households lack even modest emergency savings. For
    seniors living on fixed income, a single, unexpected event can
    trigger long lasting financial harm. I've seen all this
    repeatedly, in my own work, and in my own life, as a newly
    minted senior citizen.
        I recently navigated Medicare. I'm a CFP professional with
    40 years of experience, and it still challenged me. Imagine
    facing that system alone without my background or without the
    help of an expert like a CFP professional. I've also lived the
    reality of the sandwich generation. My parents retired earlier
    than their resources realistically allowed. They eventually ran
    out of money. I supported them for much of their retirement,
    while raising my own children and saving for my own retirement.
        Their experiences are far from unique. Many families are
    quietly carrying the same burden. Too often, people seek help
    only when they are already in crisis but crisis is the worst
    time to make complex and impactful financial decisions. Just as
    we encourage preventative health care, financial planning
    should be viewed as preventative care for financial well-being.
        You shouldn't have to be wealthy to benefit from financial
    planning. Many CFP professionals provide pro bono financial
    planning services. After 9/11, I began offering free financial
    planning to victims in New York, an experience that showed me
    how powerful timely guidance can be. I support that work today
    as a member and former chair of the board of the Foundation for
    Financial Planning, an organization that provides funding to
    community-based organizations to provide pro bono financial
    planning along with financial literacy to underserved
    populations like military families, families suffering
    financial hardship due to cancer, and seniors in crisis.
        I also know that the CFP board has called upon Congress to
    expand access to financial planning through policy tools such
    as tax incentives, particularly for middle income Americans.
    Financial literacy and access to trusted financial planning
    help seniors navigate complexity, avoid fraud, and protect
    their futures. I urge the Committee and Congress to continue
    advancing policies that expand access to this vital protection.
    Thank you.
        The Chairman. I thank each of you for being here. Now,
    we'll turn over to questions. We'll start with Senator Husted.
        Senator Husted. Thank you, Chairman Scott and, so I want to
    focus on how seniors are being exploited through scams and the
    nature of what's happening to many seniors that are being
    targeted by criminals, because what I think is especially
    sinister about it is they prey on their generosity, their
    compassion, and their kindness and, you see that, particularly
    with AI-driven technologies, they can impersonate the voice of
    a child, a grandchild. They can find new and inventive ways of
    scamming our seniors.
        Frankly, I think the criminals that do this, there's a
    special place in hell for them, because it's so awful what they
    do to these senior citizens who are preyed upon. I've
    introduced legislation preventing deepfake scams that would
    establish a task force and work with financial institutions on
    how we can use and avoid the abuses of AI, how we can use it
    for good, how we can use it to protect seniors from the
    potential risks.
        Let me start--and I wasn't here for the pronunciation of
    your name, but I'm going to go--the way it has it phonetically
    spelled here is Mr. Kunguyen. Got it. All right and I want to
    start with you. What can banks and other financial institutions
    do? What are you doing? What can we do proactively to protect
    seniors from these AI-driven scams?
        Mr. Kunjukunju. Sure. There's a couple of things that are
    going on, and I want to thank you for your question because
    this is something that bankers are dealing with on a regular
    basis. It's an everyday situation for looking at this
    particular type of issue.
        When it comes to banks, what we're doing is we're making
    sure that they are appropriately trained and one of the major
    indications of something that is wrong is a change in a
    person's behavior. Whether that might be something along the
    lines of their demeanor might be changing, maybe they're
    stressed out all of a sudden, maybe they're suddenly
    disheveled. Something looks off. That's one of the steps.
        A second step is to look at if there's any changes to the
    accounts. Is something going on very differently there that
    seems to be indicative of some sort of exploitation or fraud? A
    third area is, is there some sort of a change having to do with
    the transaction? Are they wiring money abroad when they never
    wired money anywhere? Those are some of the ways that we are
    training banks to identify these issues.
        Separate from that, we're also educating consumers on a
    couple of key things. Make sure that you talk to people in your
    trusted circle before you make any financial decision. Don't
    trust your phone number. If phone numbers can be spoofed,
    caller IDs can be spoofed. Don't trust that information. Always
    hang up on somebody. Call back if there's some sort of urgency
    or concerns about anything that might be popping up, and reach
    back out to that person on a known number, or if it's an
    organization on the back of a bank card, a legitimate number
    along those lines.
        Senator Husted. Great advice for family members. What can
    you do to--what kind of recommendations do you have for family
    members about if they're concerned about their elderly family
    members?
        Mr. Kunjukunju. In this case, I would say families need to
    be involved with money decisions. One of the major concerns
    about all of this is that, oftentimes, if there's loneliness or
    social isolation, that makes an individual much more
    vulnerable. If we, as a country, become much more socialized
    with the idea of being involved in our family's money, to make
    sure that we can check out and see what's going on, having
    these discussions, this could be incredibly important and
    valuable.
        In addition to that, banks, as well as securities firms,
    have implemented trusted contact opportunities. If something is
    off or seems awry, a bank or financial institution can reach
    out to a trusted contact to get in touch with someone if
    something looks off. If families and customers can identify who
    that is, that provides a great opportunity to get in touch and
    have some of those conversations.
        Senator Husted. Then, quickly, what are some of the
    emerging scams? What are some of the things that you are seeing
    that people ought to be aware of today?
        Mr. Kunjukunju. I would say the top three scams are;
    investment-oriented scams, tech support scams, as well as
    romance scams. These are three scams that the FBI identified as
    the top scams for losses among older adults. That being said,
    tangentially, cryptocurrency-oriented scams have also been
    highlighted in about 20 percent of all complaints in 2025
    alone.
        Senator Husted. Okay. Great. Thank you, Mr. Chairman.
        The Chairman. Thank you. Senator Gillibrand.
        Senator Gillibrand. I'd like to give it to Senator Kim.
        Senator Kim. Thank you. Yes. Sorry, I just jumped straight
    in here, but thank you for letting me be able to jump in. I
    didn't catch, you know, the fullness of that answer just there
    on the scam side, but I'd love to be able to just keep that
    conversation going in terms of just, you know, in terms of what
    comes next here, so you know, I'm trying to think through this
    in terms of, you know, what to expect going forward.
        A couple of years out, we know how much the technology has
    been strengthening it up here and so, we're looking at this,
    and living through this moment of immense technological change
    and, you know, look, there's a lot of that. That's exciting,
    but it's also dramatically increasing the risks from
    sophisticated actors that are seeking to take advantage of
    this.
        You know, maybe I'll just start with, Ms. Kieffer, to be
    able to just go through here. If you could share, I mean, I
    know you talked about some of this just more broadly as a
    group, but could you share with me more about some of the fast-
    growing types of scams targeting older Americans right now, and
    how you see them evolve in the last couple of years? What to
    expect next? I know that was some of what was talked about to
    keep building on it.
        Ms. Kieffer. Thank you for the question, Senator. What
    we're seeing today is a merging of scam typologies and,
    oftentimes, what might start as a relationship, or not even a
    romance, just a friendship, morphs into an investment scam.
    Sometimes, it is a trading strategy suggestion. Sometimes, it
    might be a pump and dump scheme, an old school pump and dump
    turned into a relationship and romance scam.
        In many, many cases, we see recovery operations. Where
    after the first scam has taken all that they can from a victim,
    we see a follow-on scam implemented by the same perpetrators
    that are coming for either additional funds, sometimes
    requesting HELOCs, or that they take money from family and
    friends. In FINRA's purview, we see a lot of the investment
    scam infrastructure, and we see it morphing in those ways that
    I just suggested.
        Senator Kim. I'll stick with you here. You know, so I
    recently introduced with some of my colleagues, the Senior
    Security Act and, you know, we're looking at other ways, you
    know, that would create a senior investor task force within the
    SEC, strengthen some of these safeguards.
        As we're thinking about these next steps, I mean, do you
    have thoughts on what we should be taking away in terms of what
    and how federal regulators can continue to coordinate on this
    issue, to try to develop the best strategies for seniors to
    both be able to protect them from the scams, but also to be
    better educated on just the technology and the positive use as
    well of that.
        Ms. Kieffer. Well, the positive use of the technology is
    one that would be a wise area to study, because we need to get
    ahead of the scams. Once the money is out the door, it's very
    difficult to recover and so, to the extent that we can be
    working public-private partnerships that encourage the use of
    these same transformative technologies to prevent the pitches
    from ever reaching the individual, we would be well served, and
    that would be the beginning of bending the curve but it does
    take all of us working together in the different corners that
    we serve, using the different jurisdictions that we have to
    make a difference.
        Senator Kim. You know, Ms. Roszkowski, I wanted to just
    bring you in on this, because, you know, as we've been trying
    to do efforts throughout my State of New Jersey, in terms of
    educating and being able to inform about fraud prevention,
    especially with seniors, I think some of the biggest challenge
    we have is not just the quality of information or the approach,
    but the capacity to scale when we have just such an enormity of
    people were trying to reach. You know, my office, it just feels
    like sometimes we're, like, is this even making a difference?
    Because of just the sheer number of seniors that we're still
    not able to connect in with.
        I guess I just wanted to ask you, just, what are some of
    the better strategies and the tactics that we should be
    thinking about and to actually be able to scale this type of
    education that we know is so important, but how do we do that
    in a way that meets the moment?
        Ms. Roszkowski. Thank you for that question, Senator. Fraud
    is growing at an alarming pace. We talked about investment
    scams, AI-related scams, job scams are up. AARP educates
    consumers through our Fraud Watch Network and works with fraud
    and scam victims through our free helpline. It's a free
    resource, open to all, and it ensures victims are all treated
    fairly and works with their families.
        We are very grateful for your support and leadership on
    both the GUARD Act, as well as the Tax Relief for Victims of
    Crimes, Scams, and Disasters Act. We need to continue
    educating, and educating in different channels and in different
    spaces. Being in every state, AARP has the ability to be on the
    ground in local communities educating on the scams that might
    be more local, and we have the power to educate and create
    awareness across the Nation for the scams, and getting ahead of
    those scams, and continue to educate both in a financial
    literacy component, integrating fraud education into when we're
    talking about financial implications, but also through all of
    our other channels.
        Senator Kim. Yes, thank you for that and I'll yield back,
    Chairman.
        The Chairman. Senator Moody.
        Senator Moody. Thank you, Senator Scott, for holding this
    hearing. Thank you, Ranking Member Gillibrand. This is an issue
    that is very near and dear to my heart. It always has been. I
    grew up with a mother who spent her entire professional career
    dedicated to making sure low-income seniors were not taken
    advantage of and helping them. It was incredible to watch, and
    certainly, my perspective on some of this and what we can be
    doing to be more fiercely guarded and protective of our
    seniors, probably formed at an early age, and carried on
    through my adult years.
        As attorney general, because I watched and heard so many
    times that our seniors were being taken advantage of, I started
    kind of the first ever senior protection team with overlaying
    all different agencies, different forms of investigators,
    prosecutors, civil attorneys, all with this mindset of what--
    how can we be better in Florida?
        Obviously, Florida is a civil state, a senior state. We
    have a lot of seniors, and we started really its first of its
    kind in the Nation, a cyber fraud unit, statewide initiative,
    because we saw so many seniors with the evolution of new
    technology, really good technology, that was being manipulated
    by criminals to take advantage of seniors. We wanted to educate
    them anywhere from the crypto space, to the ATMs, to internet
    scams.
        Really, as this team of investigators and prosecutors
    became more up to speed, they were able to take and piece
    together things that even the Federal Government may not have
    taken for threshold reasons. Maybe the dollar amount wasn't a
    lot, even though it was a large amount of someone's life
    savings, or we would determine cumulative patterns where we
    saw, when we put it together, it would have met threshold
    amounts.
        After we did that, we had other states coming to us, asking
    how they could do the same things. I really, really would love
    to see more federal coordination of these state technologically
    and legally trained investigators, prosecutors, civil
    attorneys, to specifically address fraud on seniors using
    technology, really any fraud using technology, and make sure
    that they can help and overlay the resources we have in the
    Federal Government. We're exploring ways to do that now.
        Specifically, as it relates to Seniors, I've noticed that
    when there were--this fraud, for example, more recently, we've
    seen the scams go as far as courtrooms set up with actual
    judges, and lawyers, and prosecutors and they'll get people in
    these Zoom hearings and trick them into thinking they're in
    some sort of legal proceeding.
        Of course, then the next step is, they then go to banks or
    financial institutions, and try and withdraw money, and send it
    by wire, or some other place to satisfy some court debt or
    obligation that they've been tricked into believing they owe.
        A lot of the banks are really under a lot of pressure with
    the evolution of these new types of scams, to examine how they
    can be good faith players when they realize something may be
    amiss and certainly, we never, ever want to facilitate the
    meritless holding of anyone's assets or money. Certainly, and
    that would always be a concern but I'm very interested in what
    some states are trying to do with bankers and, and, their
    initiatives, many states have passed, I guess, what's called
    hold laws. More recently, in Florida, they just passed a
    Protection of Specified Adult statute, went into effect in
    January 2025.
        I'm just wondering, and I guess I'll direct this question
    to Mr. Kunjukunju, what can we learn from states that have
    delved into working with banks to protect seniors where they
    believe things may be amiss, where they may have fallen for
    some of these technologically advanced scams? Have we seen
    those types of statutes be effective? Are the majority of
    states using this, and how has the Federal Government played
    into some of those protective efforts.
        Mr. Kunjukunju. Sure. Thank you for your question. It is
    something that we're interested in at the American Bankers
    Association, as well. There's about 27 states around the
    country that have passed one of these hold and delay laws. A
    lot of the origin from this has also been proliferating as a
    result of what worked on the security side. In 2018, there was
    a rule--two rules, actually, associated with this. One was
    2165, the other was FINRA Rule 4512. One has to do with the
    hold and delay laws on the security side, and then the second
    is related to that having to do with the trusted contact.
        There's been a couple of years where we've seen this
    happen, especially on the security side of when it comes to
    looking at financial institutions, but we've seen a lot more
    progress, given that we've got 27 states around the country
    that have passed these laws on the stateside for depository
    institutions.
        One of the major things that comes into play with this is,
    we have to make sure that we appropriately educate people that
    this is possible, because when an older adult may walk into a
    branch and has this conversation, and is not under the
    impression that they know that they're in the middle of a scam,
    but if a banker thinks that they're in the middle of a scam,
    and a banker starts to ask them questions, initially, the older
    adult may be a little bit put off. Second, if the bank says,
    you know, we're going to investigate this for a couple of days,
    that's going to lead to some complications. We have to get
    ahead of all of that to make sure people understand this is for
    their benefit.
        Second, this is sort of making sure that this is something
    that is, one, legal and allowed, so the customer doesn't just
    leave and say I'm going to go to another bank and then go
    through this whole process, because that's what's really key
    here.
        To your other point, Senator Moody, what I would say is,
    what you've done in Florida has been amazing. I would say you
    may also want to look into what's worked in Texas as well. They
    started the financial intelligence centers, and that's
    financial crimes intelligence centers and that's been something
    that has been really beneficial to tackle white collar crimes.
        Senator Moody. Thank you so much.
        The Chairman. Thank you, Senator Moody. Our Ranking Member,
    Gillibrand.
        Senator Gillibrand. Thank you, Mr. Chairman. Banking and
    financial planning processes have shifted heavily toward
    digital platforms, requiring increasing digital literacy skills
    to navigate these systems. AARP research shows that most older
    adults use financial technology for basic tasks, such as
    checking bank accounts, but are not engaged in more
    sophisticated tools that facilitate investment, loan
    applications, or advanced planning. Sixty-four percent of older
    adults report to AARP that they do not feel technology is
    designed with them in mind, providing evidence of technology
    being viewed as a barrier to financial planning, rather than a
    tool.
        Mr. Kahan, have you encountered clients facing difficulties
    with financial technology while planning for the retirement?
    What types of tools or supports would help seniors who are
    having trouble navigating this digital landscape?
        Mr. Kahan. Thank you for the question. We find that seniors
    often have problems with technology. Many times, as a
    practitioner, professional, CFP professional, people are coming
    into us to help them with retirement planning, we sometimes see
    things that they've done because they read it online. They
    clicked a link or something, and they've got some issues to
    deal with.
        I mean, from a basic standpoint, we try to educate clients,
    one, you know, most of the scams we find start at the computer
    level from emails where they're clicking something, so we
    encourage them to have virus protection. Understanding how to
    read an email, if it's real or not. People will click on for
    Social Security, or they'll google something for Social
    Security and they're brought to many different sites. Explain
    to clients that if it doesn't end in .gov, G-O-V, it is not
    necessarily a legitimate site, and they may be trying to sell
    you something, so explain to people to hover over an email so
    they understand to see where that's really coming from because
    it's not necessarily coming from where you think it is.
        Understanding their choices, Social Security, Medicare, and
    then again, looking at how they can identify the fraud that's
    coming in, because it's not just about the retirement planning
    part. It's about really understanding what they're reading,
    which many times is very confusing, because as clients of age,
    they're reading some of the most difficult decisions are tied
    to choosing when to take Social Security, when, you know,
    Medicare, especially if you're still working, what are the
    options for Medicare? When they start to go online, they start
    to really click in. They're their various websites, and some of
    them are fine, and a lot of them are fraudulent.
        We've had stories from clients where they wind up getting
    scammed for something, and then they're embarrassed to talk
    about it and that is a big problem, because they don't want to
    tell their family members about it. They don't want to tell
    their spouse or partner about it but we'll see it, many times,
    or they'll finally open up about it, or, you know, having a
    family member contact us to say somebody was scammed and what
    can we do about that?
        It's a matter of educating the clients about how to use the
    technology. Some of them can. Some of them will not be able to
    but letting them know it's okay to bring a family member in or
    a trusted advisor to help them go through to see what's
    legitimate, what's not. Because too often than not, we are
    seeing people scammed at every level. They're getting the phone
    calls. They're getting texts. You know, we tell people,
    sometimes when you answer your phone, don't say your name
    because they voice record it, and now they can use that to
    maybe hack into one of your other accounts, and they don't even
    realize it.
        It's a matter of trying to educate them. The best way of
    what, where the scams are, and how technology is useful, but
    you have to be able to use it properly.
        Senator Gillibrand. Right. Ms. Roszkowski, American workers
    and retirees are facing rising inflation and soaring costs.
    They're seeing their costs for groceries to go up, healthcare,
    utilities, housing. Earlier this year, AARP declared retirement
    is on pause. High costs push older Americans back to work. What
    are your members sharing as their top concern in these day-to-
    day issues that they are dealing with for their own retirement?
        Ms. Roszkowski. Thank you for your question, Ranking
    Member. They are concerned about affording everyday costs.
    They're concerned about groceries. They're concerned about gas.
    They're concerned about health care. They're concerned that
    they will outlive their retirement savings. Our research shows
    not only that seven percent of "un-retirees" are going back
    into the workforce, which is up from the survey we did last
    summer, in 2025, also shows that 28 percent of retired people
    are unfortunately--they think they've retired too early.
    They're concerned they're going to outlive their savings.
    People--some people are living longer, and it's hard to plan
    for.
        Senator Gillibrand. Yeah.
        Ms. Roszkowski. We're feeling it, not only with everyday
    costs, but also long-term care, health care and women, 50 and
    older, say that everyday costs is their number one concern.
        Senator Gillibrand. Ms. Kieffer, with your work at FINRA,
    and the Investor Education Foundation, what are the most common
    challenges older adults face while managing their own
    investments in retirement, and where are the biggest knowledge
    gaps?
        Ms. Kieffer. The switch from accumulation to decumulation,
    and in some cases, it's not a perfect switch, there's a little
    bit of both happening, but older adults are facing new
    decisions, new products, potentially a new risk profile that
    they've not come back to revisit in some time. Just
    understanding in this uncertain time period of longevity that
    we all grapple with. Coming to terms with these new product
    opportunities, new decisions that need to be made, and
    switching the mindset to a decumulation phase can be very
    difficult. For some, they might choose to work with a financial
    professional in that capacity. Maybe they didn't prior and
    would like to at this time.
        Whenever anyone is choosing to work with a financial
    professional, if someone comes to them directly, or they're
    going directly to someone, they should always check out the
    background of that professional before they sign on any lines
    or even have followup meetings. They should use FINRA
    BrokerCheck to see if the person registered. Are they
    registered to sell securities? Are they registered for
    investment advice?
        The SEC's Investment Adviser Public Disclosure Data base
    provides similar information where investors can understand
    what the registration is, the services that are offered, and
    they should ask about fees. For some, navigating these
    challenges is supported by a financial professional, and for
    others, they really need to take the time to educate and learn
    about these products.
        To the extent that we, as educators, can be out there
    sharing information, not just about scams and frauds, of
    course, but about financial decisionmaking. The Investor
    Insights, articles that FINRA puts out-some I would call 911,
    they're emergent issues, and some I would call 411, they're
    educational resources_where we help people understand what a
    product is, what are the pros and considerations are, so they
    can make those informed financial decisions that are
    appropriate to their life.
        Senator Gillibrand. Thank you, Mr. Chairman.
        The Chairman. Thank you, Ranking Member.
        Ms. Kieffer, studies consistently show that financial
    literacy declines with age, even among people who are
    financially sophisticated earlier in life. Is the financial
    industry doing enough to account for that reality, and how it
    designs products and delivers advice to older customers.
        Ms. Kieffer. Thank you for the question. While I can't
    comment to what the industry specifically is doing in this
    area, I do know that FINRA members are committed to investor
    protection, and are regularly sharing investor education
    information and working with their clients to understand the
    different products that they're offering and being offered. We
    always stand behind--if you don't understand the product, you
    need to double-think whether that product is for you, and
    that's a premise of all of our investor education.
        The Chairman. Thanks. Mr. Kunjukunju, say, a senior walks
    into a bank branch and asks to wire $50,000 to someone they met
    online three weeks ago. What specific training do frontline
    bank employees receive today to recognize that situation as
    potential fraud?
        Mr. Kunjukunju. Yes, thank you so much for that question,
    because that is very much along the lines of things that
    happen. Banks provide the training, but we also do with the
    ABA. One of the things that we do is we focus on those three
    areas; looking at the changes in demeanor, changes in
    transaction, changes in accounts to try to determine what might
    be going on, so in this type of situation, they're going to be
    looking at--looking back at their training to understand, okay,
    what is different here? Is there some sort of change in this
    particular scenario? There is absolutely a change if this
    person has never wired money abroad.
        Second, it's going to be looking at information about
    whether this person has even used this amount of money ever to
    take out, to transfer, to do anything along those lines and
    then the third piece of this is to really understand why are
    they sending this money.
        To your point about the question that has to do with the
    nature of this relationship. They'll be asking some specific,
    pointed questions to understand how did this develop? How long
    have you been in relationship with this person? How did you
    meet them? Have you ever met them online? Those are the types
    of things that they'll be asking.
        Beyond that, if, depending on state law, they might have
    the ability to delay it, investigate further, or they might
    reach out to Adult Protective Services and/or law enforcement
    to get involved and to address the situation, or reach out to a
    trusted contact regarding this concern.
        The Chairman. Thank you. Ms. Roszkowski, Social Security
    claiming decisions are among the most consequential financial
    choices an older American will ever make, often without
    professional guidance. AARP has done extensive work on this
    issue. What does your data show you about how about how many
    Americans are leaving money on the table by claiming to
    earlier, and what it would take to change that?
        Ms. Roszkowski. Thank you for the question, Chairman. Most
    of the people I talk to say they're going to retire at 65.
    Americans do not know enough about Social Security and the
    money they will leave on the table if they claim at a certain
    age. Many don't know their full retirement age, nor do they
    know it's approximately 8 percent per year they leave on the
    table if they choose to claim Social Security before age 70.
        We are supporting bills, such as the Claiming Age Clarity
    Act, so thank you for your support. With that--and this isn't a
    one-size-fits-all decision--that is why it's critical to be
    educating along one's lifespan. Things may change from one year
    to the next, and Social Security is a one-time decision that
    can impact someone's full retirement, which may last 30 years,
    as well as their family. It's continuing to educate, and we
    know that Americans do not know enough about the implications
    of claiming too early as well as the money that they're leaving
    on the table.
        The Chairman. Thank you. Scott, the fiduciary standard
    requires financial advisers to act in their client's best
    interest, but not every person calling themselves a financial
    advisor is actually held to that standard. How does the senior,
    who has no background in finance, know whether the person
    managing the retirement savings is legally required to put
    their interests first?
        Mr. Kahan. The first thing we always tell people, seniors,
    they should be looking at a CFP professional. There're
    approximately 107,000 CFP professionals out there today.
    There's I don't know how many hundreds of thousands of so-
    called financial advisors. The CFP professionals have to follow
    a fiduciary standard, which is putting the client's best
    interests first.
        People should be asking if, you know, when they're meeting
    with somebody, full disclosure. There're so many different
    compensation models out there. It's very confusing. There's
    commission, there's fees and commission. Not to say one is
    better than the other. Everybody has to figure out what works
    for them but full disclosure, there's nothing wrong with asking
    somebody that you're sitting across from, as a planner or as
    advisor, whatever their term is, "What are you making? What are
    your commissions? What are your fees?" Fees are pretty
    apparent. Commissions are not always. It doesn't mean there's
    something wrong with that, but there should be no reason not to
    have full disclosure. That way, they can see or make a decision
    based on compensation of this is what you're doing for me, how
    much is it going to cost me? Because that is really the first
    step in understanding what the costs are.
        Looking at fiduciary, putting the client's best interest
    first, is the most important thing. Because it's about ethics
    and trusted relationships, because people will share with us
    things that they don't share among each other. We'll have
    spouses come in and have conversations that they've never had
    before, and sometimes they're surprised of what the other one
    is saying. We're there to help mediate sometimes, but in
    reality, is to really figure out what the best interests for
    them and have that trusted relationship.
        The Chairman. Thank you. Ms. Kieffer, FINRA's BrokerCheck
    tool exists so that any American can look up whether their
    financial advisor has a history of misconduct, but surveys show
    that most seniors have never heard of it. How many older
    Americans are handling their retirement savings to someone with
    a disciplinary record right now simply because nobody told them
    to check?
        Ms. Kieffer. Thank you for the question, Senator. FINRA is
    committed to sharing the resource, BrokerCheck, and we work
    with a number of partners to make sure that Americans are aware
    of this tool. We have run public awareness campaigns. We work
    with our broker-dealers to make sure that the information is
    out there so that investors know to check.
        Many years ago, we ran a campaign called, "Before You
    Invest, Ask & Check," that specifically was designed to drive
    traffic and understanding of this opportunity. The vast
    majority of brokers that are registered and inside of
    BrokerCheck do not have a disciplinary record, but it is
    absolutely the information that an investor should know to ask
    the questions they need to ask before working with someone.
        The Chairman. Thank you. Anything else?
        Senator Gillibrand. Thank you all for your testimony.
        The Chairman. I'd like to thank everyone for--does anybody
    have anything else they want to add?
        [No response.] All right. I'd like to thank everyone for
    being here today and participating. This has been exactly the
    kind of conversation this Committee exists to have. Here's why
    I keep thinking about. The challenges we've talked about today
    are real. The gap between the information many seniors have and
    what they need is very real. The scammers and call centers
    overseas running script designed to steal a lifetime of savings
    from someone's grandparent is very real.
        The confusion about Medicare, enrollment, windows, and
    Social Security timing decisions that cost people thousands of
    dollars they can never get back is real. We've spent decades
    building programs that are supposed to help seniors, and then
    bury them on government websites that no one can find or
    navigate. We've watched fraud explode while not doing anything
    about it.
        My colleagues and I here on this Committee have to have
    legislation. Not just have legislation, but make sure Congress
    acts when it's needed. This Committee will keep pushing. We're
    going to keep shining a light on the gaps in financial
    education. We're going to keep demanding that Washington works
    for older Americans, because every senior in this country
    deserves to enjoy the retirement they spent their life
    building, with dignity, with independence, and with the
    knowledge they need to protect it.
        I also want to remind seniors and families watching, that
    the Senate Aging Committee operates a fraud hotline for anyone
    who believes they may have been targeted or victimized. The
    number is 1-855-303-9470.
        If any Senators have additional questions for the witnesses
    or statements to be added, their hearing record will be open
    until next Wednesday at 5:00 p.m. I want to thank everybody for
    being here.
        [Whereupon, at 4:36 p.m., the hearing was adjourned.]
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                                    APPENDIX

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                          Prepared Witness Statements

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                            Questions for the Record

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                     U.S. Senate Special Committee on Aging

       "Empowering Seniors Through Financial Literacy: Tools to Protect
               Savings, Prevent Fraud, and Promote Independence"

                                 April 15, 2026

                            Questions for the Record

                                 Sam Kunjukunju

                       Ranking Member Kirsten Gillibrand

        Question:

        A recent survey conducted by the National Council on Aging
    (NCOA) and the Women's Institute for a Secure Retirement
    (WISER) found American women reporting significant economic
    stress. Overall, decreasing numbers of women consider
    themselves financially secure, sharing that they are not
    confident about how to plan and save for retirement, with the
    cost of housing and possible cuts to Medicare and Social
    Security as top concerns. Low-income women, who are most at
    risk in their later years, report that they lack confidence in
    planning for retirement. How do we best tackle socialization
    practices that lead to improved financial outcomes for women
    that include access to capital and retirement savings?

        Response:

        Leading research indicates that improving women's long-term
    financial outcomes begins with building financial capability
    early, with schools and workplaces as two important settings
    for women to develop financial planning skills at a young age.
    Recognizing the importance of starting young, the ABA
    Foundation fills a critical national gap by mobilizing bankers
    to deliver financial education to youth. Through our two
    nationwide, banker-driven campaigns - Teach Children to Save
    and Get Smart About Credit - the Foundation reaches kids,
    teens, and young adults with practical lessons on budgeting
    saving, interest, credit, and other personal finance topics.
    These programs help ensure that young people encounter and
    understand financial concepts long before they face major
    financial decisions.
        These efforts are especially important given the uneven
    access to financial education across the country. Currently,
    only 11 states have fully implemented a personal finance course
    as a high school graduation requirement. Momentum is building,
    with 19 additional states in progress, but there is still
    significant room for growth. Expanding financial education
    requirements in schools would dramatically improve financial
    knowledge and confidence among young women and set them on a
    path toward stronger long-term financial outcomes and greater
    financial security, including in retirement.

                     U.S. Senate Special Committee on Aging

       "Empowering Seniors Through Financial Literacy: Tools to Protect
               Savings, Prevent Fraud, and Promote Independence"

                                 April 15, 2026

                            Questions for the Record

                                Carly Roszkowski

                       Ranking Member Kirsten Gillibrand

        Question:

        A recent survey conducted by the National Council on Aging
    (NCOA) and the Women's Institute for a Secure Retirement
    (WISER) found American women reporting significant economic
    stress. Overall, decreasing numbers of women consider
    themselves financially secure, sharing that they are not
    confident about how to plan and save for retirement, with the
    cost of housing and possible cuts to Medicare and Social
    Security as top concerns. In addition, surveys point to large
    majorities of women being supportive of a national paid leave
    program. Common sense solutions include my FAMILY Act to
    provide paid family and medical leave, and the Social Security
    Caregiver Credit Act to provide family caregivers with Social
    Security credits. Low-income women, who are most at risk in
    their later years, report that they lack confidence in planning
    for retirement. What type of programs are most effective in
    helping these women feel prepared to engage in financial
    planning? How does unpaid caregiving become an economic penalty
    in retirement for so many women in this country?

        Response:

        Programs are most effective when they move beyond one-time
    financial education and instead provide practical, ongoing, and
    "just-in-time" support tied to real decisions. As outlined in
    my testimony, financial literacy works best when it is:

          Timely and decision-based - delivered at key life
    moments such as job changes, retirement transitions, or the
    onset of caregiving, when individuals must act on complex
    financial choices.

          Step-by-step and simplified - offering plain-language
    guidance and tools (such as calculators or structured programs
    like AARP's Navigator) that help individuals translate
    information into decisions.

          Continuous, not one-time - recognizing that financial
    needs evolve over time and require ongoing support.

          Paired with decision supports and protections -
    including fraud awareness, trusted contacts, and safeguards
    that help individuals act with confidence.

        For low-income women in particular, effective programs must
    also address structural barriers, not just knowledge gaps-such
    as limited access to retirement plans, safe financial products,
    and workplace-based savings opportunities. Without these
    supports, education alone is insufficient to improve outcomes.
        Unpaid caregiving contributes to economic insecurity in
    retirement because it often leads to interrupted earnings,
    reduced savings, and lower Social Security benefits. Many
    individuals-disproportionately women-leave the workforce early
    or reduce hours due to caregiving responsibilities. These
    interruptions limit lifetime earnings and the ability to
    contribute to retirement accounts, while also reducing Social
    Security benefits, which are based on earnings history.
    Caregivers may also face ongoing financial strain, making it
    more difficult to save or rebuild financial security later. The
    result is a compounding penalty that follows women into
    retirement, increasing their risk of financial insecurity and
    reliance on Social Security as their primary source of income.

        Question:

        Can you please share how CFPB and FLEC support financial
    resilience resources for olderAmericans?

        Response:

        The Consumer Financial Protection Bureau (CFPB) and the
    Financial Literacy and Education Commission (FLEC) provide
    coordination, tools, and standards-setting.

          The CFPB provides resources, such as its Managing
    Someone Else's Money guides, which help caregivers understand
    fiduciary responsibilities, recognize fraud, and provide
    suggestions on where to seek assistance. These are especially
    important as more families assist older adults with financial
    decision-making.

          The CFPB and Treasury, through FLEC, coordinate a
    government-wide strategy on financial literacy, helping align
    federal agencies around shared priorities and improving access
    to resources.

        Combined, these efforts seek to ensure that financial
    education is not only widely available, but also effective,
    actionable, and accountable.

                            Senator Raphael Warnock

        Question:

        A recent report from the Government Accountability Office
    identified the Federal Trade Commission (FTC), Consumer
    Financial Protection Bureau (CFPB), and the Federal Bureau of
    Investigation (FBI) as the federal agencies best positioned to
    lead a government-wide strategy on anti-scam efforts. However,
    President Trump fired two members of the fivemember FTC in
    March 2025, and this administration has attempted to eliminate
    the CFPB.
        Cuts to agencies like the FTC, CFPB, and FBI would leave
    older Americans significantly more vulnerable to scams by
    weakening the coordinated, multi-layered response required to
    combat financial fraud. Fraud is a growing and increasingly
    sophisticated threat, with older adults disproportionately
    targeted. Effective prevention requires more than education-it
    depends on enforcement, coordination, and systemic protections
    across government and industry. Federal agencies play a
    critical role in investigating fraud, disrupting criminal
    networks, supporting victims, and promoting protective
    practices like transaction monitoring and trusted contacts.
        How would cuts to these agencies leave seniors vulnerable
    to scams?

        Response:

        People work their entire lives to build security for
    themselves and their families. They are working, raising
    children, caring for loved ones, fixing things around the
    house, and waking up every day focused on making ends meet.
    Government oversight and consumer protection help make it
    possible for people to go about their lives without having
    their savings stolen from them. If that role is weakened, more
    responsibility shifts onto individuals at a time when financial
    decisions are becoming more complex and scams more
    sophisticated. Older adults may face heightened risks because
    they are often balancing managing retirement income, healthcare
    costs, and caregiving responsibilities all at once, which can
    be a tremendous challenge. Ensuring that Americans can maintain
    financial security in later life depends on having systems in
    place that deter wrongdoing, promote fair practices, and
    support people when something goes wrong. Protecting people so
    they can continue living the lives they've worked hard to build
    - is what matters most.

        Question:

        What steps should Congress take to ensure these agencies
    have the capacity to combat scams targeting older adults?

        Response:

        Congress can strengthen protections for older adults by
    ensuring that federal agencies have the capacity, coordination,
    and tools needed to address fraud effectively. Key steps may
    include:

          Sustaining and strengthening funding and staffing for
    agencies that investigate and respond to fraud at scale.

          Supporting interagency coordination, building on
    existing efforts to align enforcement, data-sharing, and public
    education across government.

          Promoting proven prevention strategies, including:

              	Trusted contact frameworks

              	Transaction monitoring and alerts

              	Employee training programs (such as those used in
    financial institutions)

          Investing in public awareness and victim support,
    recognizing that early intervention can significantly reduce
    financial losses and long-term harm.

          Encouraging outcome-based evaluation, to ensure
    resources are directed toward the most effective anti-scam
    interventions.

        Congress can strengthen protections for older adults by
    ensuring that federal anti-fraud efforts are coordinated, well-
    resourced, and focused on stopping scams before losses occur.
    There has been bipartisan recognition that combating scams
    requires a whole-of-government approach, and several
    legislative efforts reflect that understanding:

          S. 3355, the National Strategy for Combatting Scams Act
    would bring together federal agencies, consumer advocates, and
    industry leaders to create a coordinated plan to fight scams.
    By requiring collaboration across more than a dozen federal
    agencies, the bill helps cut through red tape, improve data
    sharing, and speed up enforcement when scams happen. It also
    makes sure the voices of those most affected-like older adults,
    survivors, and people with disabilities-are part of the
    solution and importantly, it prioritizes making resources
    easier to access providing for more effective recovery for
    those who've been targeted.

          S. 2950, the Scam Compound Accountability and
    Mobilization Act (SCAM Act) would bring together federal
    agencies, law enforcement, and international partners to
    develop and implement a comprehensive strategy to counter scam
    compounds.

          S. 4055, the Senior Security Act of 2025 would establish
    a Senior Investor Task Force within the Securities and Exchange
    Commission (SEC). The task force will coordinate across SEC
    divisions to strengthen safeguards and stop financial predators
    from scamming seniors out of their savings.

          H.R. 7215, the Stop SCAMS Act would create a long-
    overdue, unified strategy to combat these crimes by tasking the
    Federal Bureau of Investigation (FBI) with organizing a
    coordinated, government-wide effort to prevent and respond to
    scams. It would also align inter-agency actions, definitions,
    and data to improve the efficiency and effectiveness of scam-
    fighting efforts.

          S.2544, the GUARD Act would provide state and local law
    enforcement with federal grants to hire and train staff and
    secure specialized software and other tools to improve their
    capacity to conduct fraud investigations. This will ensure law
    enforcement has the tools they need to lock up the criminals
    who victimize older Americans.

          H.R. 6426, the Stop Scams Against Seniors Act, would
    empower state, local, and federal law enforcement agencies to
    better combat the growing epidemic of financial fraud targeting
    older Americans by authorizing federal grants to support Elder
    Justice Task Forces nationwide, improving coordination and
    investigative capacity to pursue and prosecute criminals who
    exploit older adults.

        Taken together, these legislative efforts underscore the
    importance of sustained capacity, coordination, and prevention.
    By investing in these approaches, Congress can help ensure that
    older Americans are better protected from scams while
    preserving their ability to live the lives they have worked
    hard to build.

                     U.S. Senate Special Committee on Aging

       "Empowering Seniors Through Financial Literacy: Tools to Protect
               Savings, Prevent Fraud, and Promote Independence"

                                 April 15, 2026

                            Questions for the Record

                                  Scott Kahan

                       Ranking Member Kirsten Gillibrand

        Question:

        Twenty-three percent of people age fifty and older care for
    either an adult or a child with a disability. For this
    population, the financial and physical well-being of the people
    they care for can be a great source of anxiety and stress. This
    stress is especially real for parents who must plan for the day
    their disabled child will need to live without them. What
    considerations do parents of disabled children, who play a huge
    role ensuring their loved ones have their basic needs met, have
    when they plan for when they outlive their children?

        Response:

        This is an important issue that requires careful planning
    by families. There are two primary considerations. First, who
    will be responsible for a person with a disability? Many times,
    parents rely on a family member, often a sibling, to care for a
    disabled sibling when the parents are gone. This puts an undue
    burden on that potential caretaker. They may be prepared for
    this responsibility, or they may not want this obligation.
    Depending on the severity of the person's disability, a group
    home may be a consideration. Finding the right place is often
    difficult, especially if the family lacks the financial
    resources to afford the flexibility to choose one.
        Second, how will parents financially protect the disabled
    child? The average family does not have the resources to
    provide for the long-term care needed. Parents also may want to
    leave an inheritance split equally among all their children. In
    cases like this, parents are sometimes forced to leave less or
    nothing to other children, which can cause resentment among
    family members. Proper financial planning is essential early on
    to create a long-term plan that may include trusts, insurance,
    and government benefits. Some parents can purchase life
    insurance to create funds upon their death. However, this can
    be expensive and assumes that the parents are insurable. Others
    may create Special Needs Trusts. For many families, ABLE
    (Achieving a Better Life Experience) accounts are an important
    and often underutilized vehicle. Established under federal law,
    ABLE accounts allow individuals with disabilities to save money
    in a tax-advantaged account without losing eligibility for
    federal benefit programs. They can be used for qualified
    disability expenses, including housing, education,
    transportation, and health care. For families who may not have
    sufficient resources for a Special Needs Trust, an ABLE account
    can be an accessible and meaningful first step toward
    protecting a disabled loved one's financial future.

        Question:

        In April 2024, the Biden Administration advanced the
    Retirement Security Rule to enhance worker retirement savings'
    interests by adopting a broader definition of an investment
    advice fiduciary under the Employee Retirement Income Security
    Act (ERISA). In March 2026, the Trump Administration abandoned
    the rule, after declining to appeal a court ruling that vacated
    the rule. As a certified financial planner, can you explain why
    it's important to you as a professional to provide financial
    advice that is wholly in your client's best interest? Further,
    why is the requirement to provide trusted investment advice
    free from overcharges a cornerstone of the CFP Board of
    Standards, and do you have any recommendations in this area for
    your broader industry?

        Response:

        With Americans increasingly responsible for their own
    retirement savings, the need for trustworthy, professional
    guidance has never been greater. CFP Board research
    overwhelmingly shows that when Americans work with a financial
    professional for advice, they desire and expect that person to
    act in the client's best interests. This is an obligation that
    more than 109,000 CFPr professionals already commit to CFP
    Board to uphold, yet hundreds of thousands of other financial
    professionals do not, while calling themselves wealth managers,
    financial advisors, or financial planners. This creates real
    confusion - and real consequences - for the public.
        Conflicts of interest are present in every business model.
    They most commonly arise from the receipt of compensation from
    a client, but there are other kinds. When providing financial
    advice to a client, a CFPr professional must avoid conflicts or
    make full disclosure of all material conflicts of interest with
    the client that could affect the professional relationship,
    obtain the client's informed consent, and manage the conflict
    in the client's best interests. This is important because the
    consequences of conflicted advice are substantial. Investors
    may only experience small differences in fees each year. Over
    time, however, these small differences can lead to enormous
    erosion of account balances and significantly impact financial
    security.
        My recommendation for the industry is to adopt a legal
    fiduciary standard for all financial advice. This would include
    an obligation to fully disclose and manage all conflicts of
    interest, such as compensation. If a firm or financial
    professional earns commissions, the client should be made aware
    of them. If they pay fees, the client should see the fees on a
    statement from the custodian. Full disclosure and managing
    conflicts should be a requirement so that a client can decide
    who to work with. This would help restore consumer confidence.

        Question:

        More than half a million Georgians have left the Affordable
    Care Act (ACA) Marketplace since January 2025, following the
    expiration of enhanced premium tax credits. Across the country,
    nearly five million ACA enrollees between the ages of 50 and 64
    are facing increased monthly premiums for health insurance.
        Based on your experience as a financial planner, how does a
    drastic increase in monthly health insurance premiums affect
    early retirees' ability to cover health care costs?

        Response:

        For early retirees, one of the hardest decisions is how to
    choose and pay for their medical coverage. If they are within
    18 months of age 65, they are eligible for COBRA. With COBRA,
    though, many people do not realize they are now paying the full
    cost of insurance, not just the employee share they paid while
    working. The other concern is their spouse's age. If the spouse
    is younger, they have a longer gap to cover before they are
    eligible for Medicare. Also, people need to buy a supplemental
    plan to cover many of the costs that Medicare does not cover.
        People who planned to retire early may now need to delay
    retirement until age 65. Often, though, retiring early is not
    the employee's choice. They are forced out of the workforce by
    a layoff, a health event, or a caregiving obligation and then
    face paying a much larger amount for medical coverage. This
    will mean drawing from retirement savings sooner than expected.
    They may also need to sacrifice other expenses, such as travel,
    home repairs, necessary medications, etc. If they choose to
    take on the risk and forgo insurance to cut costs, they risk a
    single serious illness wiping out their retirement savings
    quickly.

        Question:

        How can Congress improve early retirees' access to
    affordable health insurance through the Marketplace?

        Response:

        One of the most significant financial planning challenges
    facing Americans today is the cost of healthcare coverage in
    the years between leaving work and becoming eligible for
    Medicare at age 65. Whether that gap is covered through COBRA,
    a marketplace plan, or a spouse's employer coverage, the
    financial burden can be substantial and, for many, prohibitive.
    In my over 40 years of helping clients, I have seen how
    healthcare costs during this gap can be far higher than
    anticipated and destabilize a sound financial plan. From a
    financial planning perspective, clients need predictability.
    Policy solutions that reduce uncertainty, improve
    affordability, and expand coverage options for Americans in the
    60-64 age range would meaningfully strengthen retirement
    security across the income spectrum.

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                           Statements for the Record

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