The elderly population is expanding rapidly, and while many legislators, medical professionals and care managers are striving to accommodate the needs of this population, there are those who are eager to take advantage of these individuals as well. According to a new study from Wayne State University in Michigan, people past retirement age may face a greater risk of financial fraud if they are in a poor state mentally and socially.
A press release from the academic institution states that the scientists sought to establish the role of psychological vulnerability in the financial exploitation of the elderly – an area of fraud that is poised to grow as more Baby Boomers reach this stage of life.
The study
The researchers recruited 4,440 participants to determine the nature of this correlation, and found that those who exhibited signs of poor mental health and social connectedness were at a substantially greater risk for scams.
"A combination of high depression and low social-status fulfillment was associated with a 226 percent increase in fraud prevalence in this population. This supports our theory that depressive symptoms and lack of social-needs fulfillment have an effect on fraud prediction," said lead author and director of the school's Institute of Gerontology, Peter Lichtenberg, Ph.D.
Dr. Lichtenberg expanded on this connection in greater detail, explaining that older individuals who feel depressed and socially disconnected may be more willing to trust scam artists who deliberately cultivate a bond with them.
How these findings may affect eldercare
Though it has long been known that fraudsters routinely take advantage of this community, this is the first study to actively investigate the distinct predictors that make certain members of this group more susceptible to such overtures. Based on these results, Dr. Lichtenberg expressed the hope that medical professionals and care managers may be able to intervene before such instances of fraud occur.
Social isolation is a major concern among the elderly population, one that puts their mental, physical and financial health in jeopardy. Independa's technology-enabled eldercare solutions can help address this issue by enabling this group to remain engaged with loved ones and care managers with our Angela interface. Whether residing in an assisted living community or receiving at-home care, these individuals can use video chat, email and Facebook to remain in continual contact with others via their LG televisions.
To learn more about Independa's innovative approach to eldercare, contact us through our online form.
