Objective: Lichtenberg and colleagues (2014) introduced the Lichtenberg Financial Decision Rating Scale (LFDRS), a new person-centered financial decision-making ability rating scale. The current study examined preliminary evidence for the validity of the LFDRS, as well as its relationship to self-reported cases of financial exploitation in 69 older African Americans: A group under-represented in the financial capacity and exploitation literature. Method: The study examined the criterion related validity of the LFDRS to demographic, cognitive, financial ability and financial exploitation variables. The LFDRS is an interview based rating scale that also has a risk scoring component to which the interviewers were blinded. Correlations and t tests were utilized to examine the preliminary validity of the LFDRS. Results: Eleven percent of the sample had decision making ability deficits. Eighteen percent of the sample self-reported financial exploitation within the previous 18 months. Of those with decision making ability deficits significantly (99%) more of them experienced financial exploitation (63%) vs the rest of the sample (13%). Overall decisional ability score and current decision risk total were significantly associated with MMSE and ILS Money Management Subscale scores (99% significance), demonstrating good criterion validity. Financially exploited individuals, and non-exploited individuals, showed mean group differences on the MMSE, Financial Situational Awareness, Psychological Vulnerability, Current Decisional Ability, and Undue Influence subscales, and Total LFDRS Score (99% significance). Conclusion: This study provided preliminary evidence for the validity of the Lichtenberg Financial Decision Rating Scale (LFDRS) in both its application to financial decisional capacity and exploitation. This person-centered approach recognizes that for each decision context matters
A New Person Centered Approach to Financial Capacity Assessment in Older Adults
Arch Clin Neuropsychol (2015) 30 (6): 528.
25 August 2015
P Lichtenberg; B-18
A New Person Centered Approach to Financial Capacity Assessment in Older Adults. Arch Clin Neuropsychol 2015; 30 (6): 528. doi: 10.1093/arclin/acv047.114
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