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Assessing financial competence in older adults with cognitive impairment

Kershaw, Mavis and Webber, Lynne 2004, Assessing financial competence in older adults with cognitive impairment, in Contibuting to an ageing agenda : abstracts and proceedings of ERA 2004 : the 3rd National Conference for Emerging Researchers in Ageing, 2nd December 2004 Brisbane Convention and Exhibition Centre, University of Queensland, Brisbane, Qld., pp. 119-122.

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Title Assessing financial competence in older adults with cognitive impairment
Author(s) Kershaw, Mavis
Webber, Lynne
Conference name National Conference for Emerging Researchers in Ageing (3rd : 2004 : Brisbane, Australia)
Conference location Brisbane, Queensland
Conference dates 2nd December 2004
Title of proceedings Contibuting to an ageing agenda : abstracts and proceedings of ERA 2004 : the 3rd National Conference for Emerging Researchers in Ageing, 2nd December 2004 Brisbane Convention and Exhibition Centre
Editor(s) Underwood, Mair
Suridge, Kate
Publication date 2004
Start page 119
End page 122
Publisher University of Queensland
Place of publication Brisbane, Qld.
Summary One common problem brought before Courts and Tribunals in Australia is whether or not someone is able to manage his or her own financial affairs. The problem is that currently in Australia there are no universally agreed upon standards for assessing financial competence. The aim of this study was to examine the reliability and validity of a new measure of financial competence, The Financial Competence Assessment Inventory (FCAI), in assessing financial competency of older adults with a cognitive impairment. The sample comprised 18 older adults with acquired brain injury, 10 adults with schizophrenia, 21 adults with dementia and 27 older adults without cognitive impairment. Ages ranged from 55 to 91. Each participant was individually interviewed using the FCAI. The findings revealed that the FCAI is a reliable and valid assessment tool for assessing financial competence of older adults with different types and levels of cognitive impairment. In particular, the FCAI was able to distinguish between older adults with global brain impairment and older adults with specific brain impairment; and older adults who had a legal administrator and older adults who did not. In addition, using the FCAI it was possible to obtain a profile of participants’ strengths and weaknesses across six domains of financial competence including; everyday financial abilities, financial judgment, estate management, cognitive based financial tasks, debt management, and support resources. The FCAI has the potential to assist clinicians and legal decision-makers regarding ‘least restrictive alternatives’ when financial competence is in question.
Notes Article on page 119 of linked pdf.
ISBN 1864997362
9781864997361
Language eng
Field of Research 170199 Psychology not elsewhere classified
HERDC Research category E1 Full written paper - refereed
Copyright notice ©2004 The University of Queensland
Persistent URL http://hdl.handle.net/10536/DRO/DU:30005549

Document type: Conference Paper
Collection: School of Psychology
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