Financial Abuse of the Elderly: The Role of Psychiatrists

Elder Financial Abuse and Electronic Financial Instruments: Present and Future Considerations for Financial Capacity Assessments

“…11−13 Victims may also be hesitant to report due to intimidation or embarrassment. 41 Similar reluctance has been noted when abusers are valued non-family caregivers. Challenges of reporting are further compounded for those experiencing cognitive impairments and mental illness.…”

“…Evaluating for EFA involves identifying vulnerabilities and risk factors regarding a person's financial behaviors and values, knowledge about the financial instruments they are using, dependency status, mental and physical health, and premorbid financial functioning. 41 The EFIST, or Electronic Financial Instrument Screening Tool, is a 24-item questionnaire based on these categories that was developed for use by primary care providers, mental health care professionals, APS personnel, and social workers. The EFIST can be used to aid in identifying potential vulnerabilities for EFA through the use of EFI and promoting clinical conversations with older patients about the risks of modern EFI.…”

“…Emotional effects may include feelings of shame, guilt, anger, depression, hopelessness, and suicide. 6,41 Unfortunately, the emotional FIGURE 1. Types of Financial Capacities 33,34 outcomes tend to persist regardless of the legal outcomes in cases of EFA.…”

“…Types of Financial Capacities 33,34 outcomes tend to persist regardless of the legal outcomes in cases of EFA. [11][12][13]41 General Risk Factors Broadly speaking, risk factors for EFA include cognitive impairment, dependency or frailty, and mental illness or distress. 50 Cognitive impairment from any cause can negatively affect financial decision-making (e.g.…”