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The WALLET Study: Examining Early Memory Loss and Personal Finance
Peter A Lichtenberg1, Wassim Tarraf1, Vanessa O Rorai1
1Institute of Gerontology, Wayne State University, Detroit, Michigan, USA.
Innovation in Aging
|July 7, 2022
Summary
This study developed a new method to assess personal finance in older adults with memory loss, identifying risks for wealth loss and financial exploitation. The approach combines financial statement analysis with interviews for accurate financial behavior assessment.
Area of Science:
- Gerontology
- Cognitive Science
- Financial Gerontology
Background:
- Assessing personal finance in older adults with cognitive decline presents unique challenges.
- Early memory loss can increase vulnerability to financial exploitation and wealth loss.
- Existing financial assessment tools may not adequately address cognitive impairments.
Purpose of the Study:
- To test a novel, person-centered approach for assessing personal finance in older adults experiencing early memory loss.
- To determine the association between financial literacy, decision-making, cognition, wealth loss, and financial exploitation.
- To develop a reliable method for evaluating financial viability and well-being in this population.
Main Methods:
- A cross-sectional study involving 46 participants aged 60+ with varying cognitive statuses (mild cognitive impairment, perceived cognitive impairment, no cognitive impairment).
- Analysis of 12-month checking account and credit card statements (de-identified).
- Two telephone interviews to verify financial trends and behaviors.
Main Results:
- The developed method, integrating financial statement analysis and interviews, proved effective in creating a financial behavior index.
- This index successfully measured wealth loss in the study population.
- The approach demonstrated feasibility for assessing financial behaviors in older adults with cognitive changes.
Conclusions:
- An innovative, person-centered method for personal finance assessment in older adults with cognitive impairment has been demonstrated.
- This approach offers a valuable tool for identifying risks associated with wealth loss and financial exploitation.
- The findings support the use of tailored assessment strategies for vulnerable older populations.
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