Financial capacity in older adults: a growing concern for clinicians

Article

Gardiner, Paul A., Byrne, Gerard J., 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. https://doi.org/10.5694/mja14.00201
Article Title

Financial capacity in older adults: a growing concern for clinicians

ERA Journal ID15323
Article CategoryArticle
AuthorsGardiner, Paul A. (Author), Byrne, Gerard J. (Author), Mitchell, Leander K. (Author) and Pachana, Nancy A. (Author)
Journal TitleMedical Journal of Australia
Journal Citation202 (2), pp. 82-86
Number of Pages5
Year2015
Place of PublicationAustralia
ISSN0025-729X
1326-5377
Digital Object Identifier (DOI)https://doi.org/10.5694/mja14.00201
Web Address (URL)https://www.mja.com.au/journal/2015/202/2/financial-capacity-older-adults-growing-concern-clinicians?0=ip_login_no_cache%3D4c20f994aa7c7c47adeac80720d28942
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.

Keywordsaged; decision making; dementia; financing, personal; health services for the aged; humans; mental competency; referral and consultation; gerontology and geriatrics;
ANZSRC Field of Research 2020520402. Decision making
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Byline AffiliationsUniversity of Queensland
Institution of OriginUniversity of Southern Queensland
Funding source
NHMRC
Grant ID
511119
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