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

Abstract

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.

Contemporary Research on Older Black Americans, a Special Issue of Journal of Aging and Health in Honor of the Life and Legacy of James S. Jackson

“…Hall et al examine the relationship between financial decision-making and financial exploitation among older community-dwelling Black adults in the Detroit metropolitan area. The analysis is based on a small non-probability sample using 3 measures of financial exploitation that are also in the Health and Retirement Survey.…”