Assessment of financial decision making: an informant scale |
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| Authors: | Rebecca C. Campbell Latoya N. Hall Jeanne A. Teresi Katja Ocepek-Welikson |
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| Affiliation: | 1. Department of Psychology and Institute of Gerontology, Detroit, Michigan, USA;2. Institute of Gerontology, Detroit, Michigan, USA;3. Columbia University Stroud Center at New York State Psychiatric Institute, New York, New York, USA;4. Research Division, Hebrew Home at Riverdale;5. RiverSpring Health, New York, New York, USA;6. Department of Geriatrics and Palliative Medicine, Weill Cornell Medical Center, White Plains, New York, USA;7. Research Division, Hebrew Home at Riverdale |
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| Abstract: | Older adults with cognitive impairment are a population at great risk for financial exploitation. At-risk older adults often have difficulty reporting on their own financial abilities. Collecting information from trusted others is vital for professionals investigating the financial exploitation older adults. There are few reliable, valid, and standardized informant-report measures of financial capacity, and none that assess decisional abilities for an ongoing, real-world financial transaction. The present study sought to examine the psychometric properties of a new informant-report scale of financial decisional abilities in older adults. One hundred fifty participants were recruited to complete the Family and Friends and Interview regarding a known older adult’s financial decisional abilities. A factor analysis identified two subscales. The full scale had adequate sensitivity and specificity to detect an informant’s current concerns regarding financial exploitation. The Family and Friends Scale is a useful tool for collecting informant-report regarding an older adult’s ability to make financial transactions. |
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| Keywords: | Financial decision making financial exploitation financial judgment informant-report |
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