[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
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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
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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
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McKinley Lewis, Majority Staff Director
Claire Descamps, Minority Staff Director
C O N T E N T S
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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
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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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