THE ASSOCIATION BETWEEN FINANCIAL RESOURCES AND STRESSORS AND FINANCIAL EXPLOITATION

Abstract

Abstract The prevalence of financial exploitation (FE) experienced by older adults is increasing. Population-based survey estimates of FE in the older adult population range from 5% to 11%. Given the growing prevalence of FE victimization in older adult populations, understanding the population’s vulnerability to FE has increased in importance. This study investigates a conceptual framework in an attempt to understand how financial stressors and resources are associated with substantiated FE in a sample consisting largely of black older adults. The study uses a cross-sectional design to investigate group differences among a total sample of 142 community-dwelling older adult participants, 62 of whom sought services to address FE and 80 with no FE history FE. Older adults who sought services to address FE were more likely to be unmarried and had fewer years of education. Financial literacy had a protective effect on FE, whereas and perceived financial vulnerability increased FE risk. According to the findings sociodemographic and financial stress and resource measures have significant relationships with FE. These findings support the conceptual framework describing their relationship. This new conceptual framework provides a guiding factor in better understanding older adult's vulnerability to financial exploitation.