Increases in life expectancy along with major changes in health plans (including Part D of Medicare) will require older Americans to make an increasing number of decisions concerning their finances at ages where fluid cognitive abilities are known to be in relative decline. Understanding how these age-related decreases and changes in other psychological factors (e.g., increasing confidence placed in trusted sources) leave older people more susceptible to both poor financial decisions as well as financial abuse is therefore a high priority. National data suggest that 5% of older adults are currently being financially exploited, and the prevalence is expected to increase. NIA has contract with BBCSS and CPOP to coordinate an expert planning meeting to elucidate what research is needed into relevant social, cognitive, and behavioral factors, and to identify potential pathways for intervention.
