ABSTRACT
This chapter provides some evidence about what we know about financial literacy among older adults. The chapter addresses specific areas such as financial decision-making in later life, knowledge of pension systems and individual retirement planning, financial security in retirement, cognitive decline, and elder financial exploitation. Each should be considered if society is to integrate current understanding of older adults’ financial literacy into policy and practice. The chapter concludes by suggesting some implications for public policy and intervention, as well as for future research investigating the role of financial literacy in contributing to both society and individuals’ lives in late life. We suggest that edutainment, entertainment designed to educate, would be one innovative and preventive intervention methodology to detect, prevent, and reduce risk factors for financial exploitation among older adults. Implementing a consumer-centric approach to the design of financial services and promoting consumer education for older adults should be a critical part of financial consumer protection. Additionally, the chapter draws attention to the importance of ensuring that such an intervention is widely accessible by older adults and their current and prospective caregivers.
