DIMINISHED FINANCIAL CAPACITY AND FINANCIAL EXPLOITATION OF OLDER ADULTS

Purpose An ageing population comes with its own set of challenges such as impaired financial capacity and resultant dependency on others to manage financial affairs. Dependency, in turn, as the evidence suggests, creates opportunities for financial exploitation of older adults. Related studies have primarily examined the clinical features and correlates of financial capacity or have attempted to develop its multidimensional measures. Both of which do little to resolve issues associated with impaired financial capacity. This paper aims to make a case for future researchers to assess older adults’ financial capacity from a non-clinical aspect. Design/methodology/approach Drawing on the notion of self-efficacy, as encapsulated within the social cognitive theory, this paper presents evidence from a host of different domains to demonstrate the potential contributions of self-efficacy to older adults’ financial capacity. Findings The contributions of self-efficacy in preserving older adults’ financial capacity appear to be much more profound than is currently acknowledged in the literature, thereby overlooking potentially promising and cost-effective interventions for autonomous ageing. Originality/value This paper presents a novel application of self-efficacy to autonomous ageing. Within this context, potential routes to the deployment of self-efficacy-based interventions are also discussed.

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Financial Capacity and Financial Exploitation of Older Adults: Research Findings, Policy Recommendations and Clinical Implications

Clinical Gerontologist ◽

10.1080/07317115.2016.1203382 ◽

2016 ◽

Vol 40 (1) ◽

pp. 3-13 ◽

Cited By ~ 14

Author(s):

Stacey Wood ◽

Peter A. Lichtenberg

Keyword(s):

Older Adults ◽

Clinical Implications ◽

Policy Recommendations ◽

Financial Capacity ◽

Financial Exploitation ◽

Research Findings

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Aging and Financial Capacity: Cognitive Correlates of an Early Indicator of Functional Decline

Innovation in Aging ◽

10.1093/geroni/igaa057.1514 ◽

2020 ◽

Vol 4 (Supplement_1) ◽

pp. 467-468

Author(s):

Katherine Wild ◽

Jennifer Marcoe ◽

Nicole Sharma ◽

Mary Siqueland ◽

Nora Mattek ◽

...

Keyword(s):

Older Adults ◽

Visual Memory ◽

Monitoring Program ◽

Well Being ◽

Monitoring Data ◽

Financial Capacity ◽

Functional Changes ◽

Online Transactions ◽

Financial Activity ◽

Financial Monitoring

Abstract Financial capacity describes the ability to make and carry out sound financial decisions sufficient to meet an individual’s needs for health and well-being. Impairments in financial capacity have been shown to be one of the earliest functional changes in patients with mild cognitive impairment (MCI), the precursor to Alzheimer’s disease and related dementias. Recent developments using online automated monitoring of financial transactions promise a new way to identify the earliest signs of cognitive decline. We examine the feasibility of using secure online technology to link ongoing financial activity monitoring data with other objective measures of function and cognition in a cohort of independent living older adults. To date, 73 older adults (mean age = 76.8, MoCA = 25.9) have enrolled and are participating in a 12-month online financial monitoring program that tracks account activity and generates alerts for unusual or irregular transactions. At baseline participants are administered a battery of neuropsychological tests and the Financial Capacity Instrument (FCI), a measure of financial capacity using tasks of everyday financial activity. Financial monitoring data are collected continuously, and are summarized and reported monthly. Younger participants had more online transactions and higher FCI scores. FCI total score was positively correlated with animal fluency (p < .02), Trails A (p < .03) and B (p < .0001), and visual memory (p < .0008). Number of online transactions in one month was correlated with FCI score, and Trails B (faster time to completion). Lower MoCA scores were associated with higher number of alerts per month.

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Financial Capacity and Regional Cerebral Tau in Cognitively Normal Older Adults, Mild Cognitive Impairment, and Alzheimer’s Disease Dementia

Journal of Alzheimer s Disease ◽

10.3233/jad-201122 ◽

2020 ◽

pp. 1-10

Author(s):

Christopher Gonzalez ◽

Nicole S. Tommasi ◽

Danielle Briggs ◽

Michael J. Properzi ◽

Rebecca E. Amariglio ◽

...

Keyword(s):

Alzheimer’S Disease ◽

Older Adults ◽

Alzheimer's Disease ◽

Cognitive Impairment ◽

Mild Cognitive Impairment ◽

Early Stage ◽

Cognitively Normal ◽

Financial Capacity ◽

Posterior Cingulate ◽

Dorsolateral Prefrontal

Background: Financial capacity is often one of the first instrumental activities of daily living to be affected in cognitively normal (CN) older adults who later progress to amnestic mild cognitive impairment (MCI) and Alzheimer’s disease (AD) dementia. Objective: The objective of this study was to investigate the association between financial capacity and regional cerebral tau. Methods: Cross-sectional financial capacity was assessed using the Financial Capacity Instrument –Short Form (FCI-SF) in 410 CN, 199 MCI, and 61 AD dementia participants who underwent flortaucipir tau positron emission tomography from the Alzheimer’s Disease Neuroimaging Initiative (ADNI). Linear regression models with backward elimination were used with FCI-SF total score as the dependent variable and regional tau and tau-amyloid interaction as predictors of interest in separate analyses. Education, age sex, Rey Auditory Verbal Learning Test Total Learning, and Trail Making Test B were used as covariates. Results: Significant associations were found between FCI-SF and tau regions (entorhinal: p < 0.001; inferior temporal: p < 0.001; dorsolateral prefrontal: p = 0.01; posterior cingulate: p = 0.03; precuneus: p < 0.001; and supramarginal gyrus: p = 0.005) across all participants. For the tau-amyloid interaction, significant associations were found in four regions (amyloid and dorsolateral prefrontal tau interaction: p = 0.005; amyloid and posterior cingulate tau interaction: p = 0.005; amyloid and precuneus tau interaction: p < 0.001; and amyloid and supramarginal tau interaction: p = 0.002). Conclusion: Greater regional tau burden was modestly associated with financial capacity impairment in early-stage AD. Extending this work with longitudinal analyses will further illustrate the utility of such assessments in detecting clinically meaningful decline, which may aid clinical trials of early-stage AD.

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Utilization of a forensic accountant to investigate financial exploitation of older adults

The Journal of Adult Protection ◽

10.1108/jap-01-2020-0001 ◽

2020 ◽

Vol 22 (3) ◽

pp. 141-152

Author(s):

Jason Dauenhauer ◽

Kristin Heffernan ◽

Karen Webber ◽

Kari Smoker ◽

Paul Caccamise ◽

...

Keyword(s):

Older Adults ◽

Online Survey ◽

Analysis Data ◽

Multidisciplinary Teams ◽

Content Type ◽

Response Options ◽

Financial Exploitation ◽

The Usa ◽

Criminal Charges ◽

Sheer Number

Purpose The purpose of this paper is to describe the results of an online program evaluation survey conducted in the USA in 2018 which was designed to understand how members of an enhanced multidisciplinary team (E-MDT) use the expertise of a forensic accountant (FA) in suspected cases of elder financial exploitation. Design/methodology/approach This paper analyzes responses to an online survey from 54 E-MDT members. Narrative responses to open-ended questions were analyzed by using cross-case thematic analysis. Data from demographic questions and those with nominal response options were analyzed using descriptive statistics. Findings Overwhelmingly, the E-MDT members described how useful the FA’s expertise and subsequent detailed reports are in helping determine whether financial exploitation is taking place and providing information needed to continue an investigation and pursue criminal charges. Practical implications The increasing longevity and sheer number of older adults present ongoing challenges in the fight to address financial exploitation. Findings suggest that FAs working with E-MDTs can help identify signs, collect evidence and help investigate cases of suspected financial abuse of older adults. The development of training programs focused on educating accountants to fill a need in a growing area of forensic accounting may be needed. Originality/value This paper adds to the growing evidence of multidisciplinary teams as an effective model for investigating cases of financial elder exploitation by focusing specifically on the expertise of an FA.

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ELDER MISTREATMENT AND DEPRESSIVE SYMPTOMS AMONG OLDER CHINESE AMERICANS

Innovation in Aging ◽

10.1093/geroni/igz038.2797 ◽

2019 ◽

Vol 3 (Supplement_1) ◽

pp. S761-S761

Author(s):

Ying-Yu Chao ◽

Yu-Ping Chang ◽

XinQi Dong

Keyword(s):

Older Adults ◽

Depressive Symptoms ◽

Chinese Americans ◽

Comprehensive Understanding ◽

Elder Mistreatment ◽

Chinese Older Adults ◽

Financial Exploitation ◽

Different Types ◽

Older Chinese ◽

Older Chinese Americans

Abstract This study aimed to examine the association between different types of elder mistreatment and depressive symptoms among U.S. Chinese older adults. Data were from the Population Study of Chinese Elderly in Chicago (PINE). Participants were 3,157 Chinese older adults who were 60 years and over (mean age = 72.8). Logistic regression analyses were performed. The results showed that participants with overall mistreatment (OR, 2.11; 95% CI, 1.83-2.43), psychological mistreatment (OR, 2.12; 95% CI, 1.78-2.51), physical mistreatment (OR, 1.82; 95% CI, 1.10-2.99), and financial exploitation (OR, 1.33; 95% CI, 1.11 – 1.60) were more likely to report more depressive symptoms. There was no significant association between sexual mistreatment and depressive symptoms (p = 0.07). Longitudinal studies are needed to obtain a more comprehensive understanding of the pathways between elder mistreatment and depressive symptoms.

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FINANCIAL EXPLOITATION OF OLDER ADULTS: PRELIMINARY RESULTS FROM A PROSPECTIVE LONGITUDINAL STUDY

Innovation in Aging ◽

10.1093/geroni/igz038.691 ◽

2019 ◽

Vol 3 (Supplement_1) ◽

pp. S192-S192

Author(s):

Scott R Beach ◽

Sara J Czaja ◽

Richard Schulz ◽

David Loewenstein ◽

Peter Lichtenberg

Keyword(s):

Social Support ◽

Older Adults ◽

Psychosocial Factors ◽

Cognitive Abilities ◽

Self Report ◽

Prospective Longitudinal Study ◽

Preliminary Results ◽

Financial Exploitation ◽

Advance Theory ◽

Prospective Longitudinal

Abstract This paper presents study design and preliminary results from a new study funded by the National Institute on Aging that is examining financial exploitation (FE) among 720 White, African-American and Hispanic adults age 60+ (240 per group; 120 age 60-79; 120 age 80+). A conceptual model linking socio-demographics, physical health, social support / integration, cognitive function, financial skills / supports, and psychosocial factors to FE is being evaluated. Three assessments (baseline, 12; 24 mos.) include: a detailed cognitive battery, web-based banking simulation tasks, scam scenarios, and a standardized battery of self-report measures assessing socio-demographic and psychosocial variables. Preliminary baseline results from ~200 participants show support for the proposed model. Exposure to sales, remote purchasing behavior, and telemarketer receptivity (scam exposure); and scam vulnerability as measured by credibility ratings of “legitimate” and “fake” scam scenarios are positively associated with reports of both stranger-initiated and trusted other FE. Older adults with smaller social networks and less social support were more likely to report both exposure and vulnerability to scams. Higher general cognitive abilities, financial skills, and numeracy; and better performance on online banking tasks correlate with less scam exposure and vulnerability. Preliminary analyses of psychosocial factors also show that more depressed, impulsive, and trusting older adults report more exposure and scam vulnerability. The paper will present updated analyses of ~500 baseline participants. Understanding multiple pathways to FE is important to advance theory and for the development of interventions to minimize risk.

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Neurocognitive predictors of financial capacity across the dementia spectrum: Normal aging, mild cognitive impairment, and Alzheimer’s disease

Journal of the International Neuropsychological Society ◽

10.1017/s1355617709090365 ◽

2009 ◽

Vol 15 (2) ◽

pp. 258-267 ◽

Cited By ~ 75

Author(s):

MEGAN G. SHEROD ◽

H. RANDALL GRIFFITH ◽

JACQUELYNN COPELAND ◽

KATHERINE BELUE ◽

SARA KRZYWANSKI ◽

...

Keyword(s):

Alzheimer’S Disease ◽

Older Adults ◽

Alzheimer's Disease ◽

Cognitive Impairment ◽

Mild Cognitive Impairment ◽

Cognitive Aging ◽

Control Model ◽

Cognitive Models ◽

Story Recall ◽

Financial Capacity

AbstractFinancial capacity is a complex instrumental activity of daily living critical to independent functioning of older adults and sensitive to impairment in patients with amnestic mild cognitive impairment (MCI) and Alzheimer’s disease (AD). However, little is known about the neurocognitive basis of financial impairment in dementia. We developed cognitive models of financial capacity in cognitively healthy older adults (n = 85) and patients with MCI (n = 113) and mild AD (n = 43). All participants were administered the Financial Capacity Instrument (FCI) and a neuropsychological test battery. Univariate correlation and multiple regression procedures were used to develop cognitive models of overall FCI performance across groups. The control model (R2 = .38) comprised (in order of entry) written arithmetic skills, delayed story recall, and simple visuomotor sequencing. The MCI model (R2 = .69) comprised written arithmetic skills, visuomotor sequencing and set alternation, and race. The AD model (R2 = .65) comprised written arithmetic skills, simple visuomotor sequencing, and immediate story recall. Written arithmetic skills (WRAT-3 Arithmetic) was the primary predictor across models, accounting for 27% (control model), 46% (AD model), and 55% (MCI model) of variance. Executive function and verbal memory were secondary model predictors. The results offer insight into the cognitive basis of financial capacity across the dementia spectrum of cognitive aging, MCI, and AD. (JINS, 2009, 15, 258–267.)

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