Lei Yu1,2, Gary Mottola3, Lisa L Barnes1,2,4, S Duke Han1,2,5,6,7,8, Robert S Wilson1,2,4, David A Bennett1,2, Patricia A Boyle1,4. 1. Rush Alzheimer's Disease Center, Rush University Medical Center, Chicago, Illinois, USA. 2. Department of Neurological Sciences, Rush University Medical Center, Chicago, Illinois, USA. 3. FINRA Investor Education Foundation, Washington, District of Columbia, USA. 4. Department of Psychiatry and Behavioral Sciences, Rush University Medical Center, Chicago, Illinois, USA. 5. Department of Family Medicine, University of Southern California, Los Angeles, California, USA. 6. Department of Neurology, University of Southern California, Los Angeles, California, USA. 7. Department of Psychology, University of Southern California, Los Angeles, California, USA. 8. School of Gerontology, University of Southern California, Los Angeles, California, USA.
Abstract
INTRODUCTION: Evidence suggests that older Black adults are frequent victims of financial fraud and exploitation. This study aims to identify the factors associated with scam susceptibility in older Black adults. METHODS: Participants were 383 older Black adults living in the Chicago metropolitan area (mean age = 78 years and 82% female). A scam susceptibility measure assessed perceptions and behaviors that predispose older adults to fraud and scams. Categories of age-associated factors, including cognition, physical health, psychosocial factors, personality, and behavioral economics, were measured using uniform systematic assessments. For each category separately, measures associated with scam susceptibility were identified via stepwise variable selection. RESULTS: Older age was associated with greater scam susceptibility. Further, the analysis revealed a robust association of cognitive health with scam susceptibility, particularly the domains of semantic and working memory. Psychological well-being was associated with susceptibility, as was neuroticism. Behavioral economic measures including financial and health literacy and financial and health decision-making ability were also implicated. In a final model that included all the measures initially retained by variable selection, semantic memory, psychological well-being, and financial and health literacy were independently associated with scam susceptibility. Moreover, the association of age was attenuated and no longer significant after adjusting for these correlates. DISCUSSION: Age-associated vulnerabilities, rather than age itself, predispose older Black adults to financial fraud and scams. The correlates of scam susceptibility in community-living older Black adults primarily involve cognitive health, psychological, and behavioral economic factors.
INTRODUCTION: Evidence suggests that older Black adults are frequent victims of financial fraud and exploitation. This study aims to identify the factors associated with scam susceptibility in older Black adults. METHODS: Participants were 383 older Black adults living in the Chicago metropolitan area (mean age = 78 years and 82% female). A scam susceptibility measure assessed perceptions and behaviors that predispose older adults to fraud and scams. Categories of age-associated factors, including cognition, physical health, psychosocial factors, personality, and behavioral economics, were measured using uniform systematic assessments. For each category separately, measures associated with scam susceptibility were identified via stepwise variable selection. RESULTS: Older age was associated with greater scam susceptibility. Further, the analysis revealed a robust association of cognitive health with scam susceptibility, particularly the domains of semantic and working memory. Psychological well-being was associated with susceptibility, as was neuroticism. Behavioral economic measures including financial and health literacy and financial and health decision-making ability were also implicated. In a final model that included all the measures initially retained by variable selection, semantic memory, psychological well-being, and financial and health literacy were independently associated with scam susceptibility. Moreover, the association of age was attenuated and no longer significant after adjusting for these correlates. DISCUSSION: Age-associated vulnerabilities, rather than age itself, predispose older Black adults to financial fraud and scams. The correlates of scam susceptibility in community-living older Black adults primarily involve cognitive health, psychological, and behavioral economic factors.
Authors: Robert S Wilson; Steven E Arnold; Julie A Schneider; Jeremiah F Kelly; Yuxiao Tang; David A Bennett Journal: Neuroepidemiology Date: 2006-09-13 Impact factor: 3.282
Authors: Peter Alexander Lichtenberg; Michael A Sugarman; Daniel Paulson; Lisa J Ficker; Annalise Rahman-Filipiak Journal: Clin Gerontol Date: 2015-10-09 Impact factor: 2.619
Authors: Christopher C Stewart; Lei Yu; Robert S Wilson; David A Bennett; Patricia A Boyle Journal: Health Psychol Date: 2018-03-22 Impact factor: 4.267
Authors: Robert S Wilson; Jingyun Yang; Lei Yu; Sue E Leurgans; Ana W Capuano; Julie A Schneider; David A Bennett; Patricia A Boyle Journal: Neurology Date: 2019-01-23 Impact factor: 9.910
Authors: Lei Yu; Gary Mottola; Lisa L Barnes; Olivia Valdes; Robert S Wilson; David A Bennett; Patricia A Boyle Journal: J Elder Abuse Negl Date: 2022-04-28