Financial Delegation in Late Adulthood Financial Risk in Late Adulthood Research Overview Telephone

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  • Financial Delegation in Late Adulthood

    Sylvain Hohn

    Anup Basu Uwe Dulleck

    Nicolas Cherbuin Julie Henry

    Sylvain Hohn Financial Delegation in Late Adulthood

    BEST Conference 13 February 2020 Brisbane

  • Research Background Financial Decision Delegation

    Conclusion

    Financial Risk in Late Adulthood Research Overview Telephone Screening Financial Assessment Delegation Experiment

    Research Background

    Financial decision-making in late adulthood can be problematic. Older individuals are more likely to

    show decreased financial skills esp. with onset of cognitive impairment (Triebel et al., 2009)

    forget paying bills (Hsu & Willis, 2013)

    invest in fraudulent schemes (Hsu & Willis, 2013)

    making poorer financial choices (Agarwal et al., 2009)

    Motivation: Assess preparedness to delegate financial decision-making in late adulthood.

    Sylvain Hohn Financial Delegation in Late Adulthood 1 / 34

  • Research Background Financial Decision Delegation

    Conclusion

    Financial Risk in Late Adulthood Research Overview Telephone Screening Financial Assessment Delegation Experiment

    Research Overview

    Question

    How do key

    factors such as

    education, age,

    gender and

    option to revoke

    influence the

    willingness to

    transfer financial

    decisions?

    Cognitive

    Assessment

    Executive

    Functioning,

    Memory

    Financial Assessment

    Everyday financial

    abilities, estate

    management, etc.

    Telephone Survey

    Overall cognitive

    functioning

    Advertisement,

    Recruitment Delegation

    Experiment

    Willingness to

    transfer decisions

    Financial Assessment

    Everyday financial

    abilities, estate

    management, etc.

    Question 2

    How do different

    elements of

    cognition relate

    to Financial

    Capacity (FC)?

    Telephone Survey

    Ability to

    communicate,

    dementia and

    stroke screening

    Cognitive

    Assessment

    Executive

    Functioning,

    Memory

    Financial Assessment

    Everyday financial

    abilities, estate

    management, etc.

    Telephone Survey

    Overall cognitive

    functioning

    Question 2

    How do different

    elements of

    cognition relate

    to Financial

    Capacity (FC)?

    Sylvain Hohn Financial Delegation in Late Adulthood 2 / 34

  • Research Background Financial Decision Delegation

    Conclusion

    Financial Risk in Late Adulthood Research Overview Telephone Screening Financial Assessment Delegation Experiment

    Area (Participants)

    Sylvain Hohn Financial Delegation in Late Adulthood 3 / 34

  • Research Background Financial Decision Delegation

    Conclusion

    Financial Risk in Late Adulthood Research Overview Telephone Screening Financial Assessment Delegation Experiment

    Participants

    Age Distribution in Greater Brisbane Area

    Sample (s) Population (p) ∆s−p

    Age cnt rel cnt rel rel

    60 – 64 22 17.19% 114276 28.27% –11.09%

    65 – 69 36 28.13% 103118 25.51% +2.61%

    70 – 74 31 24.22% 75090 18.58% +5.64%

    75 – 79 27 21.09% 52275 12.93% +8.16%

    80 – 84 8 6.25% 35231 8.72% –2.47%

    85 – 89 4 3.13% 24172 5.98% –2.86%

    Sum 128 100% 404162 100% 0

    Sylvain Hohn Financial Delegation in Late Adulthood 4 / 34

  • Research Background Financial Decision Delegation

    Conclusion

    Financial Risk in Late Adulthood Research Overview Telephone Screening Financial Assessment Delegation Experiment

    Telephone Screening

    Question 1

    How do key

    factors such as

    education, age,

    gender and

    option to revoke

    influence the

    willingness to

    transfer financial

    decisions?

    Cognitive

    Assessment

    Executive

    Functioning,

    Memory

    Financial Assessment

    Everyday financial

    abilities, estate

    management, etc.

    Advertisement,

    Recruitment Delegation

    Experiment

    Willingness to

    transfer decisions

    Financial Assessment

    Everyday financial

    abilities, estate

    management, etc.

    Question 2

    How do different

    elements of

    cognition relate

    to Financial

    Capacity (FC)? Telephone Survey

    Overall cognitive

    functioning

    Question 1

    How do key

    factors such as

    education, age,

    gender and

    option to revoke

    influence the

    willingness to

    transfer financial

    decisions?

    Cognitive

    Assessment

    Executive

    Functioning,

    Memory

    Financial Assessment

    Everyday financial

    abilities, estate

    management, etc.

    Advertisement,

    Recruitment Delegation

    Experiment

    Willingness to

    transfer decisions

    Financial Assessment

    Everyday financial

    abilities, estate

    management, etc.

    Question 2

    How do different

    elements of

    cognition relate

    to Financial

    Capacity (FC)? Telephone Survey

    Overall cognitive

    functioning

    Telephone Survey

    Ability to

    communicate,

    dementia and

    stroke screening

    Sylvain Hohn Financial Delegation in Late Adulthood 5 / 34

  • Research Background Financial Decision Delegation

    Conclusion

    Financial Risk in Late Adulthood Research Overview Telephone Screening Financial Assessment Delegation Experiment

    Telephone Example

    Please count backwards from 20 to 1

    I’m going to read you a list of 10 words.

    Please listen carefully and try to remember them.

    When I am done, tell me as many as you can in

    any order. Ready?

    Read words at a 1 second pace.

    Now, tell me all the words you can remember.

    ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀

    Sylvain Hohn Financial Delegation in Late Adulthood 6 / 34

  • Research Background Financial Decision Delegation

    Conclusion

    Financial Risk in Late Adulthood Research Overview Telephone Screening Financial Assessment Delegation Experiment

    Financial Assessment

    Question 1

    How do key

    factors such as

    education, age,

    gender and

    option to revoke

    influence the

    willingness to

    transfer financial

    decisions?

    Cognitive

    Assessment

    Executive

    Functioning,

    Memory

    Advertisement,

    Recruitment Delegation

    Experiment

    Willingness to

    transfer decisions

    Question 2

    How do different

    elements of

    cognition relate

    to Financial

    Capacity (FC)? Telephone Survey

    Overall cognitive

    functioning

    Telephone Survey

    Ability to

    communicate,

    dementia and

    stroke screening

    Financial Assessment

    Everyday financial

    abilities, estate

    management, etc.

    Question 1

    How do key

    factors such as

    education, age,

    gender and

    option to revoke

    influence the

    willingness to

    transfer financial

    decisions?

    Cognitive

    Assessment

    Executive

    Functioning,

    Memory

    Advertisement,

    Recruitment Delegation

    Experiment

    Willingness to

    transfer decisions

    Question 2

    How do different

    elements of

    cognition relate

    to Financial

    Capacity (FC)? Telephone Survey

    Overall cognitive

    functioning

    Telephone Survey

    Ability to

    communicate,

    dementia and

    stroke screening

    Financial Assessment

    Everyday financial

    abilities, estate

    management, etc.

    Financial Assessment

    Everyday financial

    abilities, estate

    management, etc.

    Sylvain Hohn Financial Delegation in Late Adulthood 7 / 34

  • Research Background Financial Decision Delegation

    Conclusion

    Financial Risk in Late Adulthood Research Overview Telephone Screening Financial Assessment Delegation Experiment

    Example Financial Assessment Basic arithmetic calculation - Give person menu (Item H) and say:

    You have $7.00 and want to buy lunch, here is the menu:

    (i). How much would a sandwich and a coffee cost you?

    (ii). What can you buy for $7.00?

    (iii). You buy four oranges for $2, how much are they each?

    [Correct answer= 50 cents]

    (iv). You have a $5.00 note. You spend $3.60.

    How much change should you get? [Correct answer = $1.40]

    If person says that s/he would usually use a calculator (and has

    OWN calculator with him/her) - allow person to use it and observe

    procedure. Responses with/without calculator scored as below)

    (i) - (iv) each correct response = 1 point

    0

    1