Financial Exploitation of Older Adults: A Population-Based Prevalence Study

Abstract

One-year period FEOA prevalence was 2.7% (95% CI, 2.29-3.29) and lifetime prevalence was 4.7% (95% CI, 4.05-5.34). Greater relative risk (RR) of one-year period prevalence was associated with African American/black race (RR, 3.80; 95 % CI, 1.11-13.04), poverty (RR, 1.72; 95 % CI, 1.09-2.71), increasing number of non-spousal household members (RR, 1.16; 95 % CI, 1.06-1.27), and ≥ 1 instrumental activity of daily living (IADL) impairments (RR, 1.69; 95 % CI, 1.12-2.53). Greater RR of lifetime prevalence was associated with African American/black race (RR, 2.61; 95 % CI, 1.37-4.98), poverty (RR, 1.47; 95 % CI, 1.04-2.09), increasing number of non-spousal household members (RR, 1.16; 95 % CI, 1.12-1.21), and having ≥1 IADL (RR, 1.45; 95 % CI, 1.11-1.90) or ≥1 ADL (RR, 1.52; 95 % CI, 1.06-2.18) impairment. Living with a spouse/partner was associated with a significantly lower RR of lifetime prevalence (RR, 0.39; 95 % CI, 0.26-0.59) CONCLUSIONS: Financial exploitation of older adults is a common and serious problem. Elders from groups traditionally considered to be economically, medically, and sociodemographically vulnerable are more likely to self-report financial exploitation.

Capsule Commentary on Peterson et al., "Financial Exploitation of Older Adults: A Population Based Prevalence Study"

“…Acierno et al 1 found that 11.4 % of elders reported at least one incident of abuse over the past year, including neglect, emotional, physical and sexual abuse. The present study by Peterson et al 2 highlights another form of abuse, financial abuse, and finds that it is likewise far too common.…”

Age-Associated Financial Vulnerability: An Emerging Public Health Issue

“…For example, in a recent study involving a weighted sample of more than 4000 older adults in New York State, 4.7% of participants reported experiencing some form of financial exploitation since turning age 60 years (6). This estimate is probably conservative because the study used telephone interviews, thereby excluding participants with substantial cognitive and other impairments that are potential risk factors.…”

Instruments for evaluating financial management capacity among the elderly: an integrative literature review

“…These results will provide health professionals and researchers in the field of gerontology with information regarding the choice of instruments for the evaluation of this construct, as well as knowledge of the studies that support the instruments in populations of elderly people with or without cognitive impairment. It should be noted that deficits in the ability to manage one's own finances may be a sign of cognitive impairment and should be considered in the clinical evaluation of the elderly 7,[36][37][38][39] .…”

“…Some abilities can remain stable in this period, such as naming coins/banknotes, and understanding and prioritizing bills 18 . Professionals who work with the elderly must understand and identify the reduction of the financial decision-making capacity of such individuals and assist them in order to reduce potential financial abuse and improper exploitation 8,37,52 .…”