Predictors of financial capacity performance in older adults using the Financial Competence Assessment Inventory.

BACKGROUND: Declines in financial capacity in later life may arise from both neurocognitive and/or psychiatric disorders. The influence of socio-demographic, cognitive, health, and psychiatric variables on financial capacity performance was explored. METHODS: Seventy-six healthy community-dwelling adults and 25 older patients referred for assessment of financial capacity were assessed on pertinent cognitive, psychiatric, and financial capacity measures, including Addenbrooke's Cognitive Examination - Revised (ACE-R), Informant Questionnaire on Cognitive Decline in the Elderly (IQCODE), Geriatric Depression Scale (GDS), Geriatric Anxiety Inventory (GAI), selected Neuropsychiatric Inventory (NPI) items, Financial Competence Assessment Inventory (FCAI), and Social Vulnerability Scale (SVS). RESULTS: The internal consistency of the debt management subscale of the FCAI was relatively poor in our sample. Financial capacity performance differed between controls and patients. In our sample, performance on the FCAI was predicted by Mini-Mental State Examination, IQCODE, and GAI, but not by ACE-R, GDS, NPI items, or SVS (adjusted R(2) = 0.7059). CONCLUSIONS: Anxiety but not depression predicted financial capacity performance, possibly reflecting relatively low variance of depressive symptoms in this sample. Current cognitive decline as measured by the informant-rated IQCODE was more highly correlated to financial capacity than either educational attainment or ACE-R scores. Lack of significance of ACE-R data may reflect the instrument's decreased sensitivity to domains relevant to financial capacity, compared with more detailed neuropsychological assessment tools. The FCAI displayed fairly robust psychometric properties apart from the debt management subscale.

The Social Vulnerability Scale for Older Adults: An Exploratory and Confirmatory Factor Analytic Study.

The Social Vulnerability Scale (SVS), a 22-item informant report of vulnerability to exploitation and, in particular, financial exploitation of older adults, was administered to 266 respondents who assessed the social vulnerability of a significant other aged 50 years or over, either a person with dementia or other neurological condition (n = 116), or a healthy adult (n = 150). Exploratory factor analysis in the combined sample revealed a 15-item two-factor solution labeled gullibility and credulity. Stability in factor structure was established in an independent sample (n = 123) using confirmatory factor analysis, and sound reliability (internal consistency) and validity (known-groups) were demonstrated. The SVS15 is a potentially useful instrument for assessing older adults' vulnerability to exploitation.

Exploitation in older adults: personal competence correlates of social vulnerability.

Clinical assessment of older people at heightened risk of financial exploitation (also termed social vulnerability) is a difficult task. There are a number of previously untested domains of personal competence which could influence social vulnerability in later life. In this study, intellectual, cognitive, and social-cognitive functioning was assessed in a combined sample of dementia patients (n=31) and neurologically healthy individuals (n=68) aged 50 years or over. Informants provided assessments of participants' social functioning, personality, and social vulnerability. In the combined sample, multiple regression analyses revealed significant relationships between each personal competence domain and (lower) social vulnerability, apart from personality which was non-significant. General cognitive functioning and, in particular, executive functioning showed significant overlap with social vulnerability after controlling for memory and age. Social measures were also important correlates of vulnerability, indicating that both neurocognitive and social cognitive deficits may contribute to financial exploitation in later life.