Age-Associated Financial Vulnerability: An Emerging Public Health Issue

Ideas and Opinions1 December 2015Age-Associated Financial Vulnerability: An Emerging Public Health IssueMark S. Lachs, MD, MPH and S. Duke Han, PhDMark S. Lachs, MD, MPHFrom Weill Cornell Medical College, Cornell University, New York, New York; Rush University Medical Center, Chicago, Illinois; and Mental Health Care Group, Veterans Affairs Long Beach Healthcare System, Long Beach, California. and S. Duke Han, PhDFrom Weill Cornell Medical College, Cornell University, New York, New York; Rush University Medical Center, Chicago, Illinois; and Mental Health Care Group, Veterans Affairs Long Beach Healthcare System, Long Beach, California. Author, Article, and Disclosure Informationhttps: //doi. org/10. 7326/M15-0882 Annals Author Insight Video - Mark S. Lachs, MD, MPH In this video, Mark S. Lachs, MD, MPH, offers additional insight into his article, "Age-Associated Financial Vulnerability: An Emerging Public Health Issue. " SectionsAboutFull TextPDF ToolsAdd to favoritesDownload CitationsTrack CitationsPermissions ShareFacebookTwitterLinkedInRedditEmail Various processes common in the aging brain may affect an older adult's ability to manage personal finances, the most recognized of which are dementing illnesses (1). These conditions can affect cognitive abilities, which may jeopardize an older adult's financial well-being over their longitudinal course. However, recent studies suggest that even cognitively intact older adults can have "functional" changes that may render them financially vulnerable. Social isolation also increases dramatically with age, which places older persons at risk for exploitation from predators. Furthermore, capitalistic enterprises can threaten the financial security of this group, which is perceived to be a large untapped. . . References1. Plassman BL, Langa KM, Fisher GG, Heeringa SG, Weir DR, Ofstedal MB, et al. Prevalence of dementia in the United States: the aging, demographics, and memory study. Neuroepidemiology. 2007;29: 125-32. PMID: 17975326 CrossrefMedlineGoogle Scholar2. Jackson SL, Hafemeister TL. Financial Abuse of Elderly People vs. Other Forms of Elder Abuse: Assessing Their Dynamics, Risk Factors, and Society's Response. Document no. 233613. Washington, DC: U. S. Department of Justice; 2011. Accessed at www. ncjrs. gov/pdffiles1/nij/grants/233613. pdf on 4 August 2015. Google Scholar3. Marson DC, Sawrie SM, Snyder S, McInturff B, Stalvey T, Boothe A, et al. Assessing financial capacity in patients with Alzheimer disease: a conceptual model and prototype instrument. Arch Neurol. 2000;57: 877-84. PMID: 10867786 CrossrefMedlineGoogle Scholar4. Conrad KJ, Iris M, Ridings JW, Langley K, Wilber KH. Self-report measure of financial exploitation of older adults. Gerontologist. 2010;50: 758-73. PMID: 20667945 doi: 10. 1093/geront/gnq054 CrossrefMedlineGoogle Scholar5. Kemp BJ, Mosqueda LA. Elder financial abuse: an evaluation framework and supporting evidence. J Am Geriatr Soc. 2005;53: 1123-7. PMID: 16108928 CrossrefMedlineGoogle Scholar6. Peterson JC, Burnes DP, Caccamise PL, Mason A, Henderson CR, Wells MT, et al. Financial exploitation of older adults: a population-based prevalence study. J Gen Intern Med. 2014;29: 1615-23. PMID: 25103121 doi: 10. 1007/s11606-014-2946-2 CrossrefMedlineGoogle Scholar7. Alexopoulos GS. Role of executive function in late-life depression. J Clin Psychiatry. 2003;64 Suppl 14: 18-23. PMID: 14658931 MedlineGoogle Scholar8. Federal Bureau of Investigation. Health care fraud. 2015. Accessed at www. fbi. gov/about-us/investigate/whitecollar/health-care-fraud on 4 August 2015. Google Scholar9. Dong X, Simon MA. Enhancing national policy and programs to address elder abuse. JAMA. 2011;305: 2460-1. PMID: 21673299 doi: 10. 1001/jama. 2011. 835 CrossrefMedlineGoogle Scholar10. Investor Protection Trust. Elder investment fraud and financial exploitation prevention program. 2015. Accessed at www. investorprotection. org/ipt-activities/? fa=eiffe-pp on 4 August 2015. Google Scholar Author, Article, and Disclosure InformationAffiliations: From Weill Cornell Medical College, Cornell University, New York, New York; Rush University Medical Center, Chicago, Illinois; and Mental Health Care Group, Veterans Affairs Long Beach Healthcare System, Long Beach, California. Grant Support: Dr. Han was supported by grants from the National Institute on Aging (K23AG040625) and the American Federation for Aging Research. Dr. Lachs was supported by a National Institute on Aging midcareer mentoring award (K24AG022399). Disclosures: Disclosures can be viewed at www. acponline. org/authors/icmje/ConflictOfInterestForms. do? msNum=M15-0882. Corresponding Author: Mark S. Lachs, MD, MPH, Division of Geriatrics and Palliative Medicine, Weill Cornell Medical College, Cornell University, 1300 York Avenue, New York, NY 10065; e-mail, email protectedcornell. edu. Current Author Addresses: Dr. Lachs: Division of Geriatrics and Palliative Medicine, Weill Cornell Medical College, Cornell University, 1300 York Avenue, New York, NY 10065. Dr. Han: Rush University Medical Center, Alzheimer's Disease Center, 600 South Paulina Street, Suite 1022, Chicago, IL 60612. Author Contributions: Conception and design: S. D. Han. Analysis and interpretation of the data: S. D. Han. Drafting of the article: M. S. Lachs, S. D. Han. Critical revision of the article for important intellectual content: M. S. Lachs, S. D. Han. Final approval of the article: M. S. Lachs, S. D. Han. Statistical expertise: S. D. Han. Obtaining of funding: M. S. Lachs, S. D. Han. Administrative, technical, or logistic support: S. D. Han. This article was published online first at www. annals. org on 13 October 2015. PreviousarticleNextarticle Advertisement Annals Author Insight Video - Mark S. Lachs, MD, MPH In this video, Mark S. Lachs, MD, MPH, offers additional insight into his article, "Age-Associated Financial Vulnerability: An Emerging Public Health Issue. " FiguresReferencesRelatedDetails Metrics Cited byCan adults discriminate between fraudulent and legitimate e-mails? Examining the role of age and prior fraud experienceHow Experiences of Child Abuse Pediatricians and Lessons Learned May Inform Health Care Providers Focused on Improving Elder Abuse Geriatrics Clinical Practice and ResearchAging and Financial Exploitation RiskA Short Form of the Financial Exploitation Vulnerability ScaleWho is in the revolving door? 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Current knowledge and prospects regarding older adults' vulnerability to fraudCISDA: Changes in Integration for Social Decisions in AgingNeural Underpinnings of Financial Decision Bias in Older Adults: Putative Theoretical Models and a Way to Reconcile ThemAutonomy and AgingSystematic Review of Measurement Property Evidence for 8 Financial Management Instruments in Populations With Acquired Cognitive ImpairmentSafeguarding Staff's Experience of Cases of Financial AbuseConceptual and Empirical Approaches to Financial Decision-making by Older Adults: Results from a Financial Decision-making Rating ScaleFinancial Exploitation Is Associated With Structural and Functional Brain Differences in Healthy Older AdultsPrevalence of Financial Fraud and Scams Among Older Adults in the United States: A Systematic Review and Meta-AnalysisDifficulty Managing Medications and Finances in Older Adults: A 10‐year Cohort StudyReliability and Validity of the Lichtenberg Financial Decision Screening ScaleCognitive, social, and neural determinants of diminished decision-making and financial exploitation risk in aging and dementia: A review and new model 1 December 2015Volume 163, Issue 11Page: 877-878KeywordsAgingBehaviorCognitive impairmentDementiaElderlyMedical risk factorsPrevention, policy, and public healthPublic policyQuality of life ePublished: 13 October 2015 Issue Published: 1 December 2015 Copyright & PermissionsCopyright © 2015 by American College of Physicians. 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