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Financial Fraud Among Older Americans: Evidence and Implications
- Source :
- J Gerontol B Psychol Sci Soc Sci
- Publication Year :
- 2018
-
Abstract
- Objectives The consequences of poor financial capability at older ages are serious and include making mistakes with credit, spending retirement assets too quickly, and being defrauded by financial predators. Because older persons are at or past the peak of their wealth accumulation, they are often the targets of fraud. Methods Our project analyzes a module we developed and fielded on people aged 50 an older years in the 2016 Health and Retirement Study (HRS). Using this data set, we evaluated the incidence and prospective risk factors (measured in 2010) for investment fraud and prize/lottery fraud using logistic regression (N = 1,220). Results Relatively few HRS respondents mentioned any single form of fraud over the prior 5 years, but 5.0% reported at least one form of investment fraud and 4.4% recounted prize/lottery fraud. Greater wealth (nonhousing) was associated with investment fraud, whereas lower housing wealth and symptoms of depression were associated with prize/lottery fraud. Hispanics were significantly less likely to report either type of fraud. Other suspected risk factors—low social integration and financial literacy—were not significant. Discussion Fraud is a complex phenomenon and no single factor uniquely predicts victimization across different types, even within the category of investment fraud. Prevention programs should educate consumers about various types of fraud and increase awareness among financial services professionals.
- Subjects :
- Male
Social Psychology
Logistic regression
Elder Abuse
Vulnerable Populations
The Journal of Gerontology: Psychological Sciences
050105 experimental psychology
03 medical and health sciences
Lottery
0302 clinical medicine
Social integration
Law Enforcement
Depression (economics)
Humans
0501 psychology and cognitive sciences
Prospective Studies
Financial services
health care economics and organizations
Crime Victims
Aged
Aged, 80 and over
Retirement
Actuarial science
business.industry
05 social sciences
Fraud
Health and Retirement Study
Middle Aged
Investment (macroeconomics)
humanities
United States
Clinical Psychology
Financial literacy
Female
Geriatrics and Gerontology
business
Gerontology
030217 neurology & neurosurgery
Needs Assessment
Subjects
Details
- ISSN :
- 17585368
- Volume :
- 75
- Issue :
- 4
- Database :
- OpenAIRE
- Journal :
- The journals of gerontology. Series B, Psychological sciences and social sciences
- Accession number :
- edsair.doi.dedup.....238e599f6a453a617b555da174999825