Financial Fraud Experiences at Age 85+: An Exploratory Study With the Mit Agelab 85+ Lifestyle Leaders Panel

Abstract

Financial exploitation of older adults has emerged as one of the most common and costly forms of elder abuse. While prior research has examined the risk and protective factors that contribute to older adults’ experiences of being defrauded, less has specifically explored the prevalence of these factors among the 85+ age demographic. This not only includes hearing from the 85+ directly about the factors that have contributed to successful financial exploitation, but also the factors that contributed to their experiences of unsuccessful and ‘near miss’ exploitation. This paper shares findings from a mixed methods study with the MIT AgeLab 85+ Lifestyle Leaders, a U.S.-based panel of octogenarians and nonagenarians. Leveraging an online survey (n=32) and virtual focus groups (n=18) conducted in September 2021, findings distinguish among three categories of experiences with financial fraud – those had been, almost were, or have never been a victim of financial fraud within the past five years. In particular, ‘almost victims’ frequently scored in between ‘have been’ and ‘have never been’ victims with regard to several questionnaire variables. Six perceived risk factors for financial fraud victimization emerged from both data sources, including being older, cognitive decline, misplaced trust and a lack of knowledge, loneliness, technology use, and stereotypes of older adults. The majority of Lifestyle Leaders identified protective factors including, knowledge about protecting oneself from financial scams, a lifetime of experience and one’s social network. These findings will be discussed in further detail along with their implications for multidisciplinary professionals working with older adults.