Older Adult's Relationship with Their Bank As a Significant Predictor of Financial Exploitation Vulnerability: Findings from the Wallet Study

Background: The financial exploitation of older adults has been a burgeoning public health crisis. The comparison of older adults who experienced financial exploitation versus those who did not led to the creation of a Financial Exploitation Vulnerability Scale (FEVS). The objectives of this study are to examine what variables, including the FEVS, are significantly related to financial exploitation, with a new community-based sample of 150 participants. We also aim to examine what measures are significantly related to the FEVS.

Methods: The WALLET study focused on personal finance in those with and without early memory loss. Recruitment of participants was done through two research registries and community talks and outreach. Bivariate analyses of sociodemographic and specific banking measures by the outcome of financial exploitation were performed. Regression models were also included in the analyses to assess the relationship of sociodemographic and specific banking measures on the outcome of financial exploitation and FEVS score.

Results: Participants had an average age of 71 years, were largely African American (64.7%), and mostly female (80%). Just under 20% of the participants reported being the victim of financial exploitation in the past 18 months. While 55% reported a cognitive diagnosis. Bivariate analysis showed individuals with a cognitive diagnosis, lower income, and higher FEVS scores were more likely to be victims of financial exploitation. The FEVS was the most significant predictor of being scammed in a regression model created to assess the association of sociodemographic and specific banking measures on financial exploitation. Having memory loss and a poor relationship with one’s bank were significant predictors of higher FEVS scores in a linear regression model.

Conclusions and Implications: These findings add to the understanding of both financial exploitation and financial exploitation vulnerability. The finding that a positive relationship with one's bank could predict high levels of vulnerability possible even before exploitation could occur is an important step in preventing the exploitation of older adults. These findings led us to use FEVS scores and specific personal finance knowledge and behaviors in a novel financial exploitation pilot program.