2,727
Views
58
CrossRef citations to date
0
Altmetric
Articles

Cognitive, social, and neural determinants of diminished decision-making and financial exploitation risk in aging and dementia: A review and new model

, &

References

  • AARP. (1999). AARP poll: Nearly one in five Americans report they’ve been victimized by fraud. Washington, DC: Author.
  • Acierno, R., Hernandez, M. A., Amstadter, A. B., Resnick, H. S., Steve, K., Muzzy, W., & Kilpatrick, D. G. (2010). Prevalence and correlates of emotional, physical, sexual, and financial abuse and potential neglect in the United States: The National Elder Mistreatment Study. American Journal of Public Health, 100(2), 292–297. doi:10.2105/AJPH.2009.163089
  • Addis, D. R., Wong, A. T., & Schacter, D. L. (2008). Age-related changes in the episodic simulation of future events. Psychological Science, 19(1), 33–41. doi:10.1111/psci.2008.19.issue-1
  • Agarwal, S., Driscoll, J., Gabaix, X., & Laibson, D. (2009). The age of reason: Financial decisions over the lifecycle and implications for regulation. Brookings Papers on Economic Activity, 2009, 51–117. doi:10.1353/eca.0.0067
  • Andrews-Hanna, J. R., Smallwood, J., & Spreng, R. N. (2014). The default network and self-generated thought: Component processes, dynamic control, and clinical relevance. Annals of the New York Academy of Sciences, 1316(1), 29–52. doi:10.1111/nyas.12360
  • Asp, E., Manzel, K., Koestner, B., Cole, C. A., Denburg, N. L., & Tranel, D. (2012). A neuropsychological test of belief and doubt: Damage to ventromedial prefrontal cortex increases credulity for misleading advertising. Frontiers in Neuroscience, 6, 100. doi:10.3389/fnins.2012.00100
  • Beach, S. R., Schulz, R., Castle, N. G., & Rosen, J. (2010). Financial exploitation and psychological mistreatment among older adults: Differences between African Americans and non-African Americans in a population-based survey. The Gerontologist, 50, 744–757. doi:10.1093/geront/gnq053
  • Beadle, J. N., Paradiso, S., Kovach, C., Polgreen, L., Denburg, N. L., & Tranel, D. (2012). Effects of age-related differences in empathy on social and economic decision-making. International Psychogeriatrics, 24(5), 822–833. doi:10.1017/S1041610211002547
  • Bechara, A., Damasio, H., Tranel, D., & Damasio, A. R. (2005). The Iowa Gambling Task and the somatic marker hypothesis: Some questions and answers. Trends in Cognitive Sciences, 9(4), 159–162. doi:10.1016/j.tics.2005.02.002
  • Boyle, P. A., Yu, L., Wilson, R. S., Gamble, K., Buchman, A. S., & Bennet, D. A. (2012). Poor decision making is a consequence of cognitive decline among older persons without Alzheimer’s disease or mild cognitive impairment. PLoS One, 7, e43647. doi:10.1371/journal.pone.0043647
  • Buckner, R. L. (2004). Memory and executive function in aging and AD: Multiple factors that cause decline and reserve factors that compensate. Neuron, 44(1), 195–208. doi:10.1016/j.neuron.2004.09.006
  • Buckner, R. L., Andrews-Hanna, J. R., & Schacter, D. L. (2008). The brain’s default network: Anatomy, function, and relevance to disease. Annals of the New York Academy of Sciences, 1124, 1–38. doi:10.1196/annals.1440.011
  • Carstensen, L., Turan, B., Scheibe, S., Ram, N., Ersner-Hershfield, H., Samanez-Larkin, G. R., … Nesselroade, J. R. (2011). Emotional experience improves with age: Evidence based on over 10 years of experience sampling. Psychology and Aging, 26, 21–33. doi:10.1037/a0021285
  • Cassidy, B. S., Leshikar, E. D., Shih, J. Y., Aizenman, A., & Gutchess, A. H. (2013). Valence-based age differences in medial prefrontal activity during impression formation. Social Neuroscience, 8(5), 462–473. doi:10.1080/17470919.2013.832373
  • Castle, E., Eisenberger, N. I., Seeman, T. E., Moons, W. G., Boggero, I. A., Grinblatt, M. S., & Taylor, S. E. (2012). Neural and behavioral bases of age differences in perceptions of trust. Proceedings of the National Academy of Sciences, 109(51), 20848–20852. doi:10.1073/pnas.1218518109
  • Charles, S. T., & Carstensen, L. L. (2009). Social and emotional aging. Annual Review of Psychology, 61, 383–409. doi:10.1146/annurev.psych.093008.100448
  • Deem, D. L. (2000). Notes from the field: Observations in working with the forgotten victims of personal financial crimes. Journal of Elder Abuse & Neglect, 12(2), 33–48. doi:10.1300/J084v12n02_05
  • Denburg, N. L., Cole, C. A., Hernandez, M., Yamada, T. H., Tranel, D., Bechara, A., & Wallace, R. B. (2007). The orbitofrontal cortex, real-world decision making, and normal aging. Annals of the New York Academy of Sciences, 1121, 480–498. doi:10.1196/annals.1401.031
  • Dong, X., & Simon, M. A. (2013a). Association between reported elder abuse and rates of admission to skilled nursing facilities: Findings from a longitudinal population-based cohort study. Gerontology, 59(5), 464–472. doi:10.1159/000351338
  • Dong, X., & Simon, M. A. (2013b). Elder abuse as a risk factor for hospitalization in older persons. JAMA Internal Medicine, 173(10), 911–917. doi:10.1001/jamainternmed.2013.238
  • Financial Industry Regulatory Authority [FINRA]. (2013). Financial Industry Regulatory Authority risk meter. Retrieved from http://apps.finra.org/meters/1/riskmeter.aspx
  • Finucane, M. L., Mertz, C. K., Slovic, P., & Schmidt, E. S. (2005). Task complexity and older adults’ decision-making competence. Psychology and Aging, 20, 71–84. doi:10.1037/0882-7974.20.1.71
  • Griffith, H. R., Belue, K., Sicola, A., Krzywanski, S., Zamrini, E., Harrell, L., & Marson, D. C. (2003). Impaired financial abilities in mild cognitive impairment: A direct assessment approach. Neurology, 60(3), 449–457. doi:10.1212/WNL.60.3.449
  • Griffith, H. R., Stewart, C. C., Stoeckel, L. E., Okonkwo, O. C., Den Hollander, J. A., Martin, R. C., … Marson, D. C. (2010). Magnetic resonance imaging volume of the angular gyri predicts financial skill deficits in people with amnestic mild cognitive impairment. Journal of the American Geriatrics Society, 58(2), 265–274. doi:10.1111/j.1532-5415.2009.02679.x
  • Han, D., Boyle, P. A., James, B. D., Yu, L., & Bennett, J. S. (2015). Mild cognitive impairment is associated with poorer decision-making in community-based older persons. Journal of the American Geriatrics Society, 63, 676–683. doi:10.1111/jgs.13346
  • Jackson, S. L., & Hafemeister, T. L. (2011). Financial abuse of elderly people vs. other forms of elder abuse: Assessing their dynamics, risk factors, and society’s response. Final Report Presented to the National Institute of Justice. Retrieved from https://www.ncjrs.gov/pdffiles1/nij/grants/233613.pdf
  • James, B. D., Boyle, P. A., & Bennett, J. S. (2014). Correlates of susceptibility to scams in older adults without dementia. Journal of Elder Abuse & Neglect, 26, 107–122. doi:10.1080/08946566.2013.821809
  • Lachs, M. S., & Han, S. D. (2015). Age associated financial vulnerability: An emerging public health issue. Annals of Internal Medicine, 163(11), 877–878. doi:10.7326/M15-0882
  • Lai, J. M., Cooney, L. M., Gill, T. M., Bradley, E. H., Hawkins, K. A., & Karlawish, J. H. (2007). Evaluating the ability of older persons with cognitive deficits to solve problems in performing their activities of daily living. Journal of the American Geriatrics Society, 55, D55.
  • Lai, J. M., Gill, T. M., Cooney, L. M., Bradley, E. H., Hawkins, K. A., & Karlawish, J. H. (2008). Everyday decision-making ability in older persons with cognitive impairment. American Journal of Geriatric Psychiatry, 16, 693–696.
  • Lai, J. M., & Karlawish, J. (2007). Assessing the capacity to make everyday decisions: A guide for clinicians and an agenda for future research. The American Journal of Geriatric Psychiatry, 15(2), 101–111. doi:10.1097/01.JGP.0000239246.10056.2e
  • Lam, L. C., Lui, V. W., Chiu, H. F., Leung, K. F., Appelbaum, P. S., & Karlawish J. (2013, December). Assessing mental capacity for everyday decision-making in the Chinese older population. Hong Kong Medical Journal, 19(Supplement 9), 17–20.
  • Lantz, P. M., House, J. S., Mero, R. P., & Williams, D. R. (2005). Stress, life events, and socioeconomic disparities in health: Results from the Americans’ Changing Lives Study. Journal of Health and Social Behavior, 46(3), 274–288. doi:10.1177/002214650504600305
  • Laumann, E. O., Leitsch, S. A., & Waite, L. J. (2008). Elder mistreatment in the United States: Prevalence estimates from a nationally representative study. The Journals of Gerontology Series B: Psychological Sciences and Social Sciences, 63, S248–S254. doi:10.1093/geronb/63.4.S248
  • Li, Y., Baldassi, M., Johnson, E. J., & Weber, E. U. (2013). Complementary cognitive capabilities, economic decision making, and aging. Psychology and Aging, 28(3), 595–613. doi:10.1037/a0034172
  • Lichtenberg, P. A. (2016). Financial exploitation, financial capacity, and Alzheimer’s disease. American Psychologist, 71(4), 312–320. doi:10.1037/a0040192
  • Lichtenberg, P. A., Ficker, L. J., & Rahman-Filipiak, A. (2016). Financial decision-making abilities and financial exploitation in older African Americans: Preliminary validity evidence for the Lichtenberg Financial Decision Rating Scale (LFDRS). Journal of Elder Abuse & Neglect, 28(1), 14–33. doi:10.1080/08946566.2015.1078760
  • Lichtenberg, P. A., Stickney, L., & Paulson, D. (2013). Is psychological vulnerability related to the experience of fraud in older adults? Clinical Gerontologist, 36, 132–146. doi:10.1080/07317115.2012.749323
  • Loeb, P. A. (1996). ILS: Independent Living Scales manual. San Antonio, TX: Psychological Corp., Harcourt Brace Jovanovich.
  • Lusardi, A., & Mitchell, O. (2006, January). Financial literacy and planning: Implication for retirement wellbeing. Business Economics, 2007, 35–44.
  • Lusardi, A., & Tufano, P. (2009). Debt literacy, financial experiences, and overindebtness. National Bureau of Economic Research. NBER Working Paper No. 14808. Retrieved from http://www.nber.org/papers/w14808
  • Marson, D. C., Martin, R. C., Wadley, V., Griffith, H. R., Snyder, S., Goode, P. S., … Harrell, L. E. (2009). Clinical interview assessment of financial capacity in older adults with mild cognitive impairment and Alzheimer’s disease. Journal of the American Geriatrics Society, 57, 806–814. doi:10.1111/j.1532-5415.2009.02202.x
  • Marson, D. C., Sawrie, S. M., Snyder, S., McInturff, B., Stalvey, T., Boothe, A., … Harrell, L. E. (2000). Assessing financial capacity in patients with Alzheimer disease: A conceptual model and prototype instrument. Archives of Neurology, 57(6), 877–884. doi:10.1001/archneur.57.6.877
  • Martin, R., Griffith, H. R., Belue, K., Harrell, L., Zamrini, E., Anderson, B., … Marson, D. (2008). Declining financial capacity in patients with mild Alzheimer disease: A one-year longitudinal study. The American Journal of Geriatric Psychiatry, 16(3), 209–219. doi:10.1097/JGP.0b013e318157cb00
  • McKinnon, M., & Moscovitch, M. (2007). Domain-general contributions to social reasoning: Theory of mind and deontic reasoning re-explored. Cognition, 102(2), 179–218. doi:10.1016/j.cognition.2005.12.011
  • Moye, J. (2003). Guardianship and conservatorship. In T. Grisso (Ed.), Evaluating competencies: Forensic assessments and instruments (2nd ed., pp. 309–390). New York, NY: Plenum Press.
  • National Committee for the Prevention of Elder Abuse. (2011). The Metlife study of elder financial abuse: Crimes of occasion, desperation and predation against America’s elders. Wesport, CT: Virginia Tech Metlife Mature Market Institute.
  • Ochsner, K. N., Beer, J. S., Robertson, E. R., Cooper, J. C., Gabrieli, J. D. E., Kihsltrom, J. F., & D’Esposito, M. (2005). The neural correlates of direct and reflected self-knowledge. Neuroimage, 28(4), 797–814. doi:10.1016/j.neuroimage.2005.06.069
  • Pak, K., & Shadel, D. (2011). AARP Foundation National Fraud Victim Study. Washington, DC: AARP.
  • Park, D. C., Polk, T. A., Mikels, J. A., Taylor, S. F., & Marshuetz, C. (2001). Cerebral aging: Integration of brain and behavioral models of cognitive function. Dialogues in Clinical Neuroscience, 3(3), 151–165.
  • Petersen, R. C., Doody, R., Kurz, A., Mohs, R. C., Morris, J. C., Rabins, P. V. … Winblad, B. (2001). Current concepts in mild cognitive impairment. Archives of Neurology, 58(12), 1985–1992. doi:10.1001/archneur.58.12.1985
  • Peterson, J. C., Burnes, D.P.R., Caccamise, P. L., Mason, A., Henderson, C. R. Jr., Wells, M. T., … Lachs, M. S. (2014). Financial exploitation of older adults: A population-based prevalence study. Journal of General Internal Medicine, 29(12), 1615–1623. doi:10.1007/s11606-014-2946-2
  • Pillemer, K., Connolly, M.-T., Breckman, R., Spreng, R. N., & Lachs, M. S. (2015). Elder mistreatment: Priorities for consideration by the White House Conference on Aging. The Gerontologist, 55, 320–327. doi:10.1093/geront/gnu180
  • Pinsker, D. M., McFarland, K., & Pachana, N. A. (2010). Exploitation in older adults: Social vulnerability and personal competence factors. The Journal of Applied Gerontology, 29(6), 740–761. doi:10.1177/0733464809346559
  • Raichle, M. E., MacLeod, A. M., Snyder, A. Z., Powers, W. J., Gusnard, D. A., & Shulman, G. L. (2001). A default mode of brain function. Proceedings of the National Academy of Sciences, 98(2), 676–682. doi:10.1073/pnas.98.2.676
  • Ritchie, K., Artero, S., & Touchon, J. (2001). Classification criteria for mild cognitive impairment: A population based validation study. Neurology, 56, 37–42. doi:10.1212/WNL.56.1.37
  • Ross, M., Grossmann, I., & Schryer, E. (2014). Contrary to psychological and popular opinion, there is no compelling evidence that older adults are disproportionately victimized by consumer fraud. Perspectives on Psychological Science, 9, 427–442. doi:10.1177/1745691614535935
  • Roy, M., Shohamy, D., & Wager, T. D. (2012). Ventromedial prefrontal-subcortical systems and the generation of affective meaning. Trends in Cognitive Sciences, 16(3), 147–156. doi:10.1016/j.tics.2012.01.005
  • Samanez-Larkin, G. R. (2013). Financial decision making and the aging brain. APS Observer, 26(5), 30–33.
  • Samanez-Larkin, G. R., Gibbs, S.E.B., Khanna, K., Nielsen, L., Carstensen, L. L., & Knutson, B. (2007). Anticipation of monetary gain but not loss in healthy older adults. Nature Neuroscience, 10, 787–791. doi:10.1038/nn1894
  • Samanez-Larkin, G. R., & Knutson, B. (2014). Reward processing and risky decision making in the aging brain. In V. Reyna, & V. Zayas (Eds.), The neuroscience of risky decision making. Washington, DC: American Psychological Association.
  • Samanez-Larkin, G. R., & Knutson, B. (2015). Decision making in the ageing brain: Changes in affective and motivational circuits. Nature Reviews Neuroscience, 16(5), 278–289. doi:10.1038/nrn3917
  • Schacter, D. L., Addis, D. R., Hassabis, D., Martin, V. C., Spreng, R. N., & Szpunar, K. K. (2012). The future of memory: Remembering, imagining, and the brain. Neuron, 76, 677–694. doi:10.1016/j.neuron.2012.11.001
  • Schafer, M. H., & Koltai, J. (2015). Does embeddedness protect? personal network density and vulnerability to mistreatment among older American adults. The Journals of Gerontology Series B: Psychological Sciences and Social Sciences, 70(4), 597–606. doi:10.1093/geronb/gbu071
  • Seeley, W. W., Menon, V., Schatzberg, A. F., Keller, J., Glover, G. H., Kenna, H., … Greicius, M. D. (2007). Dissociable intrinsic connectivity networks for salience processing and executive control. Journal of Neuroscience, 27(9), 2349–2356. doi:10.1523/JNEUROSCI.5587-06.2007
  • Sherod, M. G., Griffith, H. R., Copeland, J., Belue, K., Krzywanski, S., Zamrini, E. Y. … Marson, D. C. (2009). Neurocognitive predictors of financial capacity across the dementia spectrum: Normal aging, mild cognitive impairment, and Alzheimer’s disease. Journal of the International Neuropsychological Society, 15(2), 258–267. doi:10.1017/S1355617709090365
  • Spreng, R. N. (2012). The fallacy of a “task-negative” network. Frontiers in Psychology, 3, 145. doi:10.3389/fpsyg.2012.00145
  • Spreng, R. N., Cassidy, B. J., Darboh, B., Dupre, E., Lockrow, A. W., Setton, R., & Turner, G. R. (2016). Financial exploitation in healthy older adults is associated with differences in brain structure and functional connectivity. Manuscript submitted for publication.
  • Spreng, R. N., Gerlach, K. D., Turner, G. R., & Schacter, D. L. (2015). Autobiographical planning and the brain: Activation and its modulation by qualitative features. Journal of Cognitive Neuroscience, 27, 2147–2157. doi:10.1162/jocn_a_00846
  • Spreng, R. N., & Schacter, D. L. (2012). Default network modulation and large-scale network interactivity in healthy young and old adults. Cerebral Cortex, 22, 2610–2621. doi:10.1093/cercor/bhr339
  • Spreng, R. N., & Turner, G. R. (2013). Structural covariance of the default network in healthy and pathological aging. Journal of Neuroscience, 33(38), 15226–15234. doi:10.1523/JNEUROSCI.2261-13.2013
  • Stoeckel, L. E., Stewart, C. C., Griffith, H. R., Triebel, K., Okonkwo, O. C., Den Hollander, J. A., … Marson, D. C. (2013). MRI volume of the medial frontal cortex predicts financial capacity in patients with mild Alzheimer’s disease. Brain Imaging and Behavior, 7(3), 282–292. doi:10.1007/s11682-013-9226-3
  • Turner, G. R., & Spreng, R. N. (2012). Executive functions and neurocognitive aging: Dissociable patterns of brain activity. Neurobiology of Aging, 33(4), 826.e1–826.e13. doi:10.1016/j.neurobiolaging.2011.06.005
  • Turner, G. R., & Spreng, R. N. (2015). Prefrontal engagement and reduced default network suppression co-occur and are dynamically coupled in older adults: The default-executive coupling hypothesis of aging. Journal of Cognitive Neuroscience, 27(12), 2462–2476. doi:10.1162/jocn_a_00869
  • Uddin, L. Q. (2015). Salience processing and insular cortical function and dysfunction. Nature Reviews Neuroscience, 16(1), 55–61. doi:10.1038/nrn3857
  • Weierich, M. R., Kensinger, E. A., Munnell, A. H., Sass, S. A., Dickerson, B. A., Wright, C. I., & Feldman Barrett, L. (2011). Older and wiser? An affective science perspective on age-related challenges in financial decision making. Social Cognitive and Affective Neuroscience, 6, 195–206. doi:10.1093/scan/nsq056

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.