Financial Exploitation of Older Adults: A Population-Based Prevalence Study

• Published in: Journal of general internal medicine : JGIM Vol. 29; no. 12; pp. 1615 - 1623
• Main Authors: Peterson, Janey C., Burnes, David P.R., Caccamise, Paul L., Mason, Art, Henderson, Charles R., Wells, Martin T., Berman, Jacquelin, Cook, Ann Marie, Shukoff, Denise, Brownell, Patricia, Powell, Mebane, Salamone, Aurora, Pillemer, Karl A., Lachs, Mark S.
• Format: Journal Article
• Language: English
• Published: Boston Springer US 01.12.2014; Springer; Springer Nature B.V
• Subjects: Adult abuse & neglect; Aged; Aged, 80 and over; Biological and medical sciences; Crime Victims - economics; Crime Victims - statistics & numerical data; Elder Abuse - economics; Elder Abuse - statistics & numerical data; Epidemiology; Female; Fraud - statistics & numerical data; General aspects; Humans; Internal Medicine; Male; Medical sciences; Medicine; Medicine & Public Health; Middle Aged; Miscellaneous; New York - epidemiology; Older people; Original Research; Personal finance; Prevalence; Public health. Hygiene; Public health. Hygiene-occupational medicine; Risk Factors; Self Report; Socioeconomic Factors; New York; financial exploitation; elder financial abuse; economic abuse; elder mistreatment; elder abuse; Human; Elderly abuse; Prevalence; Abuse; Victimology; Epidemiology; Statistical study; Exploitation; Medicine; Financing; Economic aspect; Elderly; Public health
• ISSN: 0884-8734; 1525-1497
• DOI: 10.1007/s11606-014-2946-2

ABSTRACT BACKGROUND Financial exploitation is the most common and least studied form of elder abuse. Previous research estimating the prevalence of financial exploitation of older adults (FEOA) is limited by a broader emphasis on traditional forms of elder mistreatment (e.g., physical, sexual, emotional abuse/neglect). OBJECTIVES 1) estimate the one-year period prevalence and lifetime prevalence of FEOA; 2) describe major FEOA types; and 3) identify factors associated with FEOA. DESIGN Prevalence study with a random, stratified probability sample. PARTICIPANTS Four thousand, one hundred and fifty-six community-dwelling, cognitively intact adults age ≥ 60 years. SETTING New York State. MAIN MEASURES Comprehensive tool developed for this study measured five FEOA domains: 1) stolen or misappropriated money/property; 2) coercion resulting in surrendering rights/property; 3) impersonation to obtain property/services; 4) inadequate contributions toward household expenses, but respondent still had enough money for necessities and 5) respondent was destitute and did not receive necessary assistance from family/friends. KEY RESULTS One-year period FEOA prevalence was 2.7 % (95 % CI, 2.29–3.29) and lifetime prevalence was 4.7 % (95 % CI, 4.05–5.34). Greater relative risk (RR) of one-year period prevalence was associated with African American/black race (RR, 3.80; 95 % CI, 1.11–13.04), poverty (RR, 1.72; 95 % CI, 1.09–2.71), increasing number of non-spousal household members (RR, 1.16; 95 % CI, 1.06–1.27), and ≥ 1 instrumental activity of daily living (IADL) impairments (RR, 1.69; 95 % CI, 1.12–2.53). Greater RR of lifetime prevalence was associated with African American/black race (RR, 2.61; 95 % CI, 1.37–4.98), poverty (RR, 1.47; 95 % CI, 1.04–2.09), increasing number of non-spousal household members (RR, 1.16; 95 % CI, 1.12–1.21), and having ≥1 IADL (RR, 1.45; 95 % CI, 1.11–1.90) or ≥1 ADL (RR, 1.52; 95 % CI, 1.06–2.18) impairment. Living with a spouse/partner was associated with a significantly lower RR of lifetime prevalence (RR, 0.39; 95 % CI, 0.26–0.59) CONCLUSIONS Financial exploitation of older adults is a common and serious problem. Elders from groups traditionally considered to be economically, medically, and sociodemographically vulnerable are more likely to self-report financial exploitation.