But seniors also have to be on guard when it comes to their finances. 

We have heard stories in the news lately about seniors being victims of "financial abuse." 

Why are seniors so vulnerable?

"Seniors are targeted just because by their very nature, they're very trusting.  They've been brought up in a generation where they have good manners so if somebody calls them on the phone, comes to the door, they don't want to be rude,” said Diane Chong, Central Pacific Bank financial adviser.

It is especially difficult when seniors are alone, without family.  Sometimes they are taken in by someone pretending to be a friend who convinces them to turn over their finances.

"And seniors really need to understand the ramifications of doing that.  Where you're actually giving people full control of your finances,” said Chong.

In some cases, it might not be an acquaintance who gains a senior's confidence.  It might be someone promising an investment opportunity and seniors are concerned about how long their money will last.

"Everybody is searching for a better return and they don't want to run out of money so say your bank is paying you a half percent interest and somebody says I can give you five percent, of course you're going to be interested,” said Chong.

Chong says family members should be aware of their elders' financial situation.

"They really do need to pay attention.  They should be checking and helping them check things like their bank statements and just being aware of who's involved with your seniors,” said Chong.

As for the seniors themselves, Chong simply advises that they keep track of financial matters as much as possible.

"I mean it could be so simple as a phone bill.  Somebody could be coming into your home, making long distance calls, your bill is automatically paid, you don't even look at it.  So it's things that you need to be aware of.  Just check your statements,” said Chong.