Service Needs Among Older Adults at Risk for Financial Elder Abuse

Hasche, Leslie; DePrince, Anne P.; Lavery, Angela; Srinivas, T.; Gagnon, Kerry L.

doi:10.1093/geroni/igy023.1948

Cited by 3 publications

(1 citation statement)

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“…The Federal Trade Commission (2019) reported that although consumers 60 and older filed only about 8% of total scam reports in 2018, their reported losses—nearly $400 million—accounted for 25% of all losses. Population-based surveys have shown that estimates of financial exploitation in the older adult population range from 5% to 11% (Acierno et al, 2010; Beach et al, 2016; Hasche et al, 2018; Laumann et al, 2008). Additional investigation of Suspicious Activity Reports (SARS) by the Consumer Financial Protection Bureau (2019) revealed that financial institutions reported a fourfold increase in Suspicious Activity Reports between 2013 and 2017, with almost 70% of these reports being filed for individuals over age 60 and 33% for those over 80.…”

Section: Introductionmentioning

confidence: 99%

The Relationship Between Financial Decision-Making and Financial Exploitation in Older Black Adults

et al. 2022

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Objectives: This study examined the relationship between contextual measure of financial decision-making and the financial exploitation experiences of older Blacks, and the convergent validity of mental health measures of contextual decision-making items. Methods: This cross-sectional study of 104 older Black adults included 52 cases of confirmed financial exploitation. Participants were matched on age and gender. Bivariate and multivariate analyses were performed to examine these relationships. Results: The contextual measure of financial decision-making was significantly associated with financial exploitation, above and beyond the relationship of demographic measures. Further, there was strong evidence for convergent validity between the contextual measure and mental health measures. Discussion: Results underscore the significant relationship of the contextual factors involved in financial decision-making and financial exploitation. This study provides a conceptually driven approach to understanding the experiences of older Black adult victims of financial exploitation.

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