Peter A Lichtenberg1,2, Katja Ocepek-Welikson3, Lisa J Ficker1, Evan Gross1,4, Analise Rahman-Filipiak5, Jeanne A Teresi3,6,7. 1. a Institute of Gerontology, Wayne State University , Detroit , Michigan , USA. 2. b Merrill Palmer Skillman Institute, Wayne State University , Detroit , Michigan , USA. 3. c Research Division , Hebrew Home at Riverdale; RiverSpring Health, New York , New York , USA. 4. d Department of Psychology , Wayne State University , Detroit , Michigan , USA. 5. e Neuropsychology Section , University of Michigan Health System , Ann Arbor , Michigan , USA. 6. f Columbia University Stroud Center at New York State Psychiatric Institute, New York , New York , USA. 7. g Department of Geriatrics and Palliative Medicine , Weill Cornell Medical Center, New York , New York , USA.
Abstract
OBJECTIVES: The objectives of this study were threefold: (1) to empirically test the conceptual model proposed by the Lichtenberg Financial Decision-making Rating Scale (LFDRS); (2) to examine the psychometric properties of the LFDRS contextual factors in financial decision-making by investigating both the reliability and convergent validity of the subscales and total scale, and (3) extending previous work on the scale through the collection of normative data on financial decision-making. METHODS: A convenience sample of 200 independent function and community dwelling older adults underwent cognitive and financial management testing and were interviewed using the LFDRS. Confirmatory factor analysis, internal consistency measures, and hierarchical regression were used in a sample of 200 community-dwelling older adults, all of whom were making or had recently made a significant financial decision. RESULTS: Results confirmed the scale's reliability and supported the conceptual model. Convergent validity analyses indicate that as hypothesized, cognition is a significant predictor of risk scores. Financial management scores, however, were not predictive of decision-making risk scores. CONCLUSIONS: The psychometric properties of the LFDRS support the scale's use as it was proposed. CLINICAL IMPLICATIONS: The LFDRS instructions and scale are provided for clinicians to use in financial capacity assessments.
OBJECTIVES: The objectives of this study were threefold: (1) to empirically test the conceptual model proposed by the Lichtenberg Financial Decision-making Rating Scale (LFDRS); (2) to examine the psychometric properties of the LFDRS contextual factors in financial decision-making by investigating both the reliability and convergent validity of the subscales and total scale, and (3) extending previous work on the scale through the collection of normative data on financial decision-making. METHODS: A convenience sample of 200 independent function and community dwelling older adults underwent cognitive and financial management testing and were interviewed using the LFDRS. Confirmatory factor analysis, internal consistency measures, and hierarchical regression were used in a sample of 200 community-dwelling older adults, all of whom were making or had recently made a significant financial decision. RESULTS: Results confirmed the scale's reliability and supported the conceptual model. Convergent validity analyses indicate that as hypothesized, cognition is a significant predictor of risk scores. Financial management scores, however, were not predictive of decision-making risk scores. CONCLUSIONS: The psychometric properties of the LFDRS support the scale's use as it was proposed. CLINICAL IMPLICATIONS: The LFDRS instructions and scale are provided for clinicians to use in financial capacity assessments.
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