Objective Assessment of Financial Decision-Making With a Simulated Online Money Management Task in Older Adults:...

Area of Science:

• Gerontology
• Cognitive Science
• Health Economics

Background:

• Technology is widely used for financial tasks, yet assessing financial decision-making (FDM) often relies on outdated methods with poor psychometric properties.
• Traditional FDM assessment tools are limited by biases, scope, and weak reliability, necessitating modern, technology-based solutions.
• There is a critical need for accurate and comprehensive tools to evaluate FDM, especially in aging populations.

Purpose of the Study:

• To develop and validate a novel simulated Online Money Management (OMM) credit card task.
• To create a tool that objectively measures multiple FDM dimensions within a single, real-world-simulating task.
• To bridge the gap between clinical assessments and real-world financial functioning.

Main Methods:

• A prospective cohort study involving cognitively healthy older adults across the U.S.
• Development of the OMM task by an interdisciplinary team, including online/offline components assessing credit card literacy and statement monitoring.
• Collection of cognitive, financial, and psychosocial data, including self-reported financial abilities and exploitation risk.

Main Results:

• Data collection involved 272 participants at baseline and 147 at follow-up.
• Data analysis is ongoing, with results anticipated in 2026.
• The OMM task was developed using rigorous standards.

Conclusions:

• The novel OMM credit card task offers a robust method for assessing financial decision-making.
• If psychometric properties are confirmed, the OMM task can aid in early detection and mitigation of financial mismanagement in clinical settings.
• This technology-enabled approach enhances the accuracy and comprehensiveness of FDM evaluations.