Financial capacity in older adults: a review of clinical assessment approaches and considerations

Pinsker, Donna M., Pachana, Nancy A., Wilson, Jill, Tilse, Cheryl and Byrne, Gerard J. (2010) Financial capacity in older adults: a review of clinical assessment approaches and considerations. Clinical Gerontologist, 33 4: 332-346. doi:10.1080/07317115.2010.502107

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Author Pinsker, Donna M.
Pachana, Nancy A.
Wilson, Jill
Tilse, Cheryl
Byrne, Gerard J.
Title Financial capacity in older adults: a review of clinical assessment approaches and considerations
Journal name Clinical Gerontologist   Check publisher's open access policy
ISSN 0731-7115
Publication date 2010-10-01
Year available 2010
Sub-type Article (original research)
DOI 10.1080/07317115.2010.502107
Open Access Status Not yet assessed
Volume 33
Issue 4
Start page 332
End page 346
Total pages 15
Place of publication Philadelphia, PA, United States
Publisher Routledge
Language eng
Subject 3306 Health (social science)
3207 Social Psychology
3203 Clinical Psychology
2909 Gerontology
2717 Geriatrics and Gerontology
Abstract Financial capacity is a critical issue of autonomy for older people. However, determining the point at which a cognitively impaired older adult is no longer capable of independent financial management poses an onerous task for family members, and health and legal professionals. At present, there is no agreed-upon standard for evaluating financial capacity, and issues pertaining to the level of impairment that constitutes incapacity remain largely unresolved. In the absence of validated assessment guidelines, determinations of capacity are frequently based on neuropsychological measures and clinical judgment, although there is limited evidence to support the validity of these methods in capacity determinations. In this paper, various cognitive, psychiatric, social, and cultural factors that potentially contribute to financial incapacity in older adults are described. The strengths and weaknesses of clinical approaches and instruments currently used in capacity determinations are evaluated, and specific recommendations are made regarding broader assessment approaches. © Taylor & Francis Group, LLC.
Keyword Aging
Cognitive Impairment
Financial Competence
Q-Index Code C1
Q-Index Status Confirmed Code
Institutional Status UQ

Document type: Journal Article
Sub-type: Article (original research)
Collections: Official 2011 Collection
Assets, Ageing and Intergenerational Transfers Publications
School of Psychology Publications
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Citation counts: TR Web of Science Citation Count  Cited 13 times in Thomson Reuters Web of Science Article | Citations
Scopus Citation Count Cited 14 times in Scopus Article | Citations
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Created: Sat, 20 Nov 2010, 18:36:13 EST by Gerard J. A. Byrne on behalf of School of Psychology