Trust and betrayal in older adult financial exploitation

OBJECTIVES

Although the knowledge base regarding the financial exploitation of older adults is expanding, work to understand the subpopulations of older adult financial exploitation victims and their experiences is greatly needed. This study uses betrayal trauma theory (BTT) as the foundation for conceptualizing the harm that arises from elder family financial exploitation.

METHODS

The study uses a cross-sectional design to investigate group differences among a total sample of 95 community-dwelling older adults, 32 of the participants (33.7%) were older adult victims of family financial exploitation and the remaining 63 (66.3%) were victims of financial exploitation perpetrated by strangers.

RESULTS

The group of older adults who were victims of elder family financial exploitation had significantly lower functional ability scores, higher stress and financial exploitation vulnerability scores and lost more money on average than those victimized by strangers.

CONCLUSION

The present study provides support that BTT provides a valuable framework for understanding why older adult family financial exploitation victims are more vulnerable than victims of exploitation committed by strangers. Attention to this subgroup of financially exploited older adults will provide improved understanding of the unique challenges these victims face and inform prevention and intervention services.

Family dynamics and their association with elder family financial exploitation in families with appointed powers of attorney

Powers of attorney (POA), widely used in end-of-life planning, give authority, often to relatives, to manage elders' affairs if they become incapacitated. Unfortunately, family members are frequently perpetrators of elder family financial exploitation (EFFE). To understand possible EFFE precursors, the Elder Family Financial Exploitation Survey (EFFES) collected hierarchical data (individual relatives nested within families) including respondent and elder demographics, financial exploitation details if it occurred, and family dynamics (general family functioning, fairness conflict, resource exchange patterns, entitlement attitudes, and communication/problem-solving). Multilevel logistic regression models found positive association with greater fairness conflict and entitlement attitudes, and negative association with general family function, resource exchange expectations, and communication patterns when growing up, but no association with current communication. Findings can prompt families to proactively address negative family dynamics to reduce the risk of EFFE. Results may also inform decisions about appointing other fiduciaries, e.g., trustees, and personal representatives (executors).