Journal
JOURNALS OF GERONTOLOGY SERIES B-PSYCHOLOGICAL SCIENCES AND SOCIAL SCIENCES
Volume 76, Issue 5, Pages 996-1004Publisher
OXFORD UNIV PRESS INC
DOI: 10.1093/geronb/gbab010
Keywords
Elder abuse; Financial fraud; Interviews
Funding
- Elder Justice Foundation
- National Institutes of Health/National Institute on Aging [K01AG064986]
- Department of Family Medicine of the University of Southern California
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Through in-depth one-on-one interviews, the study found that categories of perceived financial exploitation among older adults encompass various forms, with themes emerging around trust, promise of financial security, lack of experience/awareness, decision-making, and interpersonal dynamics. Perceived consequences showed negative and positive impacts on finances, behaviors, relationships and trust, emotional well-being, and future outlook.
Objectives: The goal of this study was to investigate the perception of financial exploitation and its causes and consequences by older adults who have firsthand experience of being exploited. Method: Thirty-one cognitively healthy older adult participants aged 50 or older were drawn from the Finance, Cognition, and Health in Elders Study. In-depth, one-on-one interviews were conducted. Interview transcripts were analyzed using an iterative, data-driven, thematic coding scheme and emergent themes were summarized. Results: Categories of financial exploitation included (a) investment fraud, (b) wage theft/money owed, (c) consumer fraud, (d) imposter schemes, and (e) manipulation by a trusted person. Themes emerged around perceived causes: (a) element of trust, (b) promise of financial security, (c) lack of experience or awareness, (d) decision-making, and (e) interpersonal dynamics. Perceived consequences included negative and positive impacts around (a) finances, (b) financial/consumer behaviors (c) relationships and trust, (d) emotional impact, and (e) future outlook. Discussion: These narratives provide important insights into perceived financial exploitation experiences.
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