Financial capacity in older adults: a growing concern for clinicians

Gardiner, Paul A. ORCID: https://orcid.org/0000-0002-8072-2673 and Byrne, Gerard J. and Mitchell, Leander K. and Pachana, Nancy A. (2015) Financial capacity in older adults: a growing concern for clinicians. Medical Journal of Australia, 202 (2). pp. 82-86. ISSN 0025-729X


Abstract

Older people with cognitive impairment and/ or dementia may be particularly vulnerable to diminished financial decision-making capacity. • Financial capacity refers to the ability to satisfactorily manage one’s financial affairs in a manner consistent with personal self-interest and values. • Impairment of financial capacity makes the older individual vulnerable to financial exploitation, may negatively affect their family’s financial situation and places strain on relationships within the family. • Clinicians are often on the front line of responding to queries regarding decision-making capacity, and clinical evaluation options are often not well understood. • Assessment of financial capacity should include formal objective assessment in addition to a clinical interview and gathering contextual data. • Development of a flexible, empirically supported and clinically relevant assessment approach that spans all dimensions of financial capacity yet is simple enough to be used by non-specialist clinicians is needed.


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Item Type: Article (Commonwealth Reporting Category C)
Refereed: Yes
Item Status: Live Archive
Additional Information: Permanent restricted access to Published version, in accordance with the copyright policy of the publisher.
Faculty/School / Institute/Centre: No Faculty
Faculty/School / Institute/Centre: No Faculty
Date Deposited: 10 Apr 2017 02:15
Last Modified: 26 Jun 2017 05:35
Uncontrolled Keywords: aged; decision making; dementia; financing, personal; health services for the aged; humans; mental competency; referral and consultation; gerontology and geriatrics;
Fields of Research (2008): 17 Psychology and Cognitive Sciences > 1702 Cognitive Sciences > 170202 Decision Making
Fields of Research (2020): 52 PSYCHOLOGY > 5204 Cognitive and computational psychology > 520402 Decision making
Socio-Economic Objectives (2008): C Society > 92 Health > 9202 Health and Support Services > 920203 Diagnostic Methods
C Society > 92 Health > 9201 Clinical Health (Organs, Diseases and Abnormal Conditions) > 920112 Neurodegenerative Disorders Related to Ageing
Funding Details:
Identification Number or DOI: https://doi.org/10.5694/mja14.00201
URI: http://eprints.usq.edu.au/id/eprint/31184

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