Importance of Numeracy as a Risk Factor for Elder Financial Exploitation in a Community Sample

• NCJ Number: 252457
• Journal: Journals of Gerontology Series B-Psychological Sciences and Social Sciences Volume: 71 Issue: 6 Dated: November 2016 Pages: 978-986
• Author(s): Stacey A. Wood; Pi=ju Liu; Yaniv Hanoch; Sara Estevez-cores
• Date Published: November 2016
• Length: 9 pages
• Grant Number(s): 2013-IJ-CX-0026
• Agencies: NIJ-Sponsored
• Publication Type: Research (Applied/Empirical); Report (Study/Research); Report (Grant Sponsored); Program/Project Description
• Award: Identification of Risk and Preventive Factors for Elder Financial Exploitation

Annotation

This study examined the role of numeracy, or comfort with numbers, as a potential risk factor for financial elder exploitation in a community sample.

Abstract

Surveys were individually administered to 201 independent, community-dwelling adults aged 60 and older. The risk for financial elder exploitation was assessed using the Older Adult Financial Exploitation Measure (OAFEM). Other variables of interest included numeracy, executive functioning, and other risk factors identified from the literature. Assessments were completed individually at the Wood Lab at Scripps College in Claremont, CA and neighboring community centers. After controlling for other variables, including education, lower numeracy was related to higher scores on the OAFEM consistent with higher risk for financial exploitation. Self-reported physical and mental health, male gender, and younger age were also related to increased risk. Thus, results indicate that numeracy is a significant risk factor for elder financial exploitation after controlling for other commonly reported variables. These findings are consistent with the broader literature relating numeracy to wealth and debt levels and extend them to the area of elder financial exploitation. (publisher abstract modified)