How Does Survey Context Impact Self-reported Fraud Victimization?

Beals, Michaela E.; Carr, Dawn; Mottola, Gary R.; Deevy, Martha; Carstensen, Laura L.

doi:10.1093/geront/gnv082

Cited by 18 publications

(15 citation statements)

References 19 publications

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“…Fraud susceptibility may also be higher among older adults, who may find new financial scams harder to especially when facing time pressure and high arousal—though reports of age differences in fraud susceptibility vary (AARP Foundation, ; Acierno et al, ; Beals, Carr, Mottola, Deevy, & Carstensen, ; Consumer Financial Protection Bureau, ; Kircanski et al, ; Ross, Grossmann, & Schryer, ; Titus & Gover, ). Even when older adults have relevant financial experiences, they may sometimes find it cognitively too demanding to implement their experience‐based knowledge correctly (Korniotis & Kumar, ), or change their habits to react to new information (Lambert‐Pandraud & Laurent, ; Lambert‐Pandraud, Laurent, & Lapersonne, ).…”

Section: Discussionmentioning

confidence: 99%

Age differences in financial decision making:The benefits of more experience and less negative emotions

Eberhardt

Bruin

Strough

2018

Behavioral Decision Making

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The emerging literature on aging and decision making posits that decision‐making competence changes with age, as a result of age differences in various cognitive and noncognitive individual‐differences characteristics. In a national life‐span sample from the United Kingdom (N = 926), we examined age differences in financial decisions, including performance measures of sunk cost and credit card repayment decisions, and self‐report measures of money management and financial decision outcomes. Participants also completed four individual‐differences characteristics that have been proposed as relevant to financial decision making, including two cognitive ones (numeracy and experience‐based knowledge) and two noncognitive ones (negative emotions about financial decisions). First, we examined how age was related to the four financial decision‐making measures and the four individual‐differences characteristics. Older age was correlated to better scores on each of the four financial decision‐making measures, more experience‐based knowledge, less negative emotions about financial decisions, whereas numeracy and motivation were not significantly correlated with age. Second, we found that considering both the two cognitive and the two noncognitive individual‐differences characteristics increased predictions of financial decision making, as compared with considering either alone. Third, we examined how these four individual‐differences characteristics contributed to age differences in financial decision making. Older adults' higher levels of experience‐based knowledge and lower levels of negative emotions seemed to especially benefit their financial decision making. We discuss implications for theories on aging and decision making, as well as for interventions targeting financial decisions.

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Section: Discussionmentioning

confidence: 99%

Age differences in financial decision making:The benefits of more experience and less negative emotions

Eberhardt

Bruin

Strough

2018

Behavioral Decision Making

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“…Our HRS module (see Online Appendix A) was administered to 1,268 randomly selected survey participants age 50 and older in the 2016 survey wave. 2 In prior research, analysts framing questions about fraud in a criminal context found that it significantly reduced disclosure among 4 women and older people (Beals et al, 2015). Therefore, unlike the HRS Leave Behind surveys that asked respondents to identify themselves as fraud victims, our module queried about specific types of financial decisions and experiences often equivalent to fraud (see also FINRA, 2013).…”

Section: Methodsmentioning

confidence: 99%

Financial Fraud among Older Americans: Evidence and Implications

DeLiema¹,

Deevy²,

Lusardi³

et al. 2018

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“…Researchers also face the difficult challenge of verifying how much money was stolen, and how, exactly, assets were misappropriated. Furthermore, cognitively impaired seniors are typically excluded from surveys and seniors tend to underreport fraud relative to other age groups (Beals, Carr, Mottola, Deevy, & Carstensen, 2015). For example, AARP found that only 37% of victims aged 55 and older acknowledged they were defrauded compared with 56% of victims younger than 55 years (Pak & Shadel, 2011).…”

Section: The Present Studymentioning

confidence: 99%