The Role of Social Support in Elder Financial Exploitation Using a Community Sample

Abstract

Background and ObjectiveSocial support is known to be an important protective factor against elder financial exploitation (FE), yet few empirical studies have examined the relationship between FE and distinct components of social support. Perceived social support, social network size, and interactions with close network members (positive and negative) were measured separately and tested as potential predictors of FE.Research Design and MethodsThree hundred and ninety-five community-dwelling adults aged 60 and older were recruited to complete a 90-minute survey and interview. We used OLS regression to examine the role of social support in FE. Other risk factors associated with FE including dependency, poor physical health, depression, cognition, and demographic characteristics were included as potential predictors.ResultsNegative interactions with close network members predicted FE, and remained predictive when all other variables and social support factors were included in the model. Other social support factors were not unique predictors of FE.Discussion and ImplicationsNegative social interactions with close network members are important to assess and consider in FE prevention and intervention programs; relationships between social interactions and other risk factors warrant further attention.

Call to claim your prize: Perceived benefits and risk drive intention to comply in a mass marketing scam.

“…Numeracy and financial literacy have been found to be related to a wide range of financial outcomes, including increased retirement savings, and less vulnerability to financial exploitation in older adults (Wood & Lichtenberg, 2017). Negative social interaction may increase vulnerability secondary to a lack of a sounding board regarding a financial decision, or increase willingness to call a stranger listed in a solicitation (Liu, Wood, Xi, Berger, & Wilber, 2017). Thus, individual differences such as risk perception, numeracy, loneliness, and general financial status may influence an individual’s decision to respond to MMS solicitations.…”

Financial Fraud against Older People in Hong Kong: Assessing and Predicting the Fear and Perceived Risk of Victimization

“…Ferraro and LaGrange [19] found that fear of crime index is lowest for those aged 55-64, highest for those aged 18-24 and slightly higher for the aged 65-74 and 75+. Physical health and depression were found to be predictive of elder financial exploitation; that is, older adults with poorer physical health and higher risk of depression experience higher victimization of financial exploitation [20]. Similarly, using a focus group of 45 stakeholders in Hong Kong, Li et al [5] found that older individuals with declining health were suitable targets for financial fraud.…”

“…Guanxi-close relationships in the immediate neighborhood-has been confirmed as a significant indicator of fear of crime in contemporary urban China [23]. In a study of older adults in the U.S., Liu et al [20] found that negative interactions with close network members and lower perceived social support significantly predicted greater financial exploitation risk. However, social network size and positive interactions with close network members were not associated with financial exploitation risk.…”

Recognizing the Trauma Experienced by Community-Dwelling Older Victims of Financial Abuse Perpetrated by Trusted Others

“…More recently, Liu et al (2017b) found that it was specifically negative interactions with those in their social network that uniquely predicted financial exploitation, not network size. Regarding gender, unequivocally more women than men are the victims of financial exploitation, and yet gender fails to emerge in any study using multivariate analysis (Jackson 2017b).…”