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

NCJ Number
249419
Date Published
Author(s)
Stacey A. Wood, Pi-ju Liu, Yaniv Hannoch, Sara Estvez-Cores
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
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. After controlling for other variables, including education, lower numeracy was related to higher scores on the Older Adult Financial Exploitation Measure (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. Individually administered surveys were given to 201 independent, community-dwelling adults aged 60 and older. Risk for financial elder exploitation was assessed using the 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. (Publisher abstract modified)
Date Created: July 10, 2016