Perceived Types, Causes, and Consequences of Financial Exploitation: Narratives From Older Adults. (10th January 2021)

• Record Type: Journal Article
• Authors: Nguyen, Annie L; Mosqueda, Laura; Windisch, Nikki; Weissberger, Gali; Axelrod, Jenna; Han, S Duke
• Editors: Carr, Deborah S
• Is Part Of: Journals of gerontology. Volume 76:Number 5(2021)
• Page Start: 996
• Page End: 1004
• Publication Date: 2021-01-10
• Subjects: Elder abuse -- Financial fraud -- Interviews; Geriatrics -- Periodicals; Gerontology -- Periodicals; Aged -- Periodicals; Aging -- Periodicals; Psychology, Social -- Periodicals; 305.26
• DOI: 10.1093/geronb/gbab010
• Languages: English
• ISSNs: 1079-5014

Abstract

Abstract: 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.