Predictors of financial capacity performance in older adults using the Financial Competence Assessment Inventory

Article

Pachana, Nancy A., Byrne, Gerard J., Wilson, Jill, Tilse, Cheryl, Pinsker, Donna M., Massavelli, Bronwyn, Vearncombe, Katharine J. and Mitchell, Leander K.. 2014. "Predictors of financial capacity performance in older adults using the Financial Competence Assessment Inventory." International Psychogeriatrics. 26 (6), pp. 921-927. https://doi.org/10.1017/S1041610214000209
Article Title

Predictors of financial capacity performance in older adults using the Financial Competence Assessment Inventory

ERA Journal ID6329
Article CategoryArticle
AuthorsPachana, Nancy A. (Author), Byrne, Gerard J. (Author), Wilson, Jill (Author), Tilse, Cheryl (Author), Pinsker, Donna M. (Author), Massavelli, Bronwyn (Author), Vearncombe, Katharine J. (Author) and Mitchell, Leander K. (Author)
Journal TitleInternational Psychogeriatrics
Journal Citation26 (6), pp. 921-927
Number of Pages7
Year2014
Place of PublicationUnited Kingdom
ISSN1041-6102
1741-203X
Digital Object Identifier (DOI)https://doi.org/10.1017/S1041610214000209
Web Address (URL)https://www.cambridge.org/core/journals/international-psychogeriatrics/article/predictors-of-financial-capacity-performance-in-older-adults-using-the-financial-competence-assessment-inventory/460E87FAC017A5F3127B3480650AD9FC
Abstract

Background: Declines in financial capacity in later life may arise from both neurocognitive and/or psychiatric disorders. The influence of socio-demographic, cognitive, health, and psychiatric variables on financial capacity performance was explored.

Methods: Seventy-six healthy community-dwelling adults and 25 older patients referred for assessment of financial capacity were assessed on pertinent cognitive, psychiatric, and financial capacity measures, including Addenbrooke's Cognitive Examination - Revised (ACE-R), Informant Questionnaire on Cognitive Decline in the Elderly (IQCODE), Geriatric Depression Scale (GDS), Geriatric Anxiety Inventory (GAI), selected Neuropsychiatric Inventory (NPI) items, Financial Competence Assessment Inventory (FCAI), and Social Vulnerability Scale (SVS).

Results: The internal consistency of the debt management subscale of the FCAI was relatively poor in our sample. Financial capacity performance differed between controls and patients. In our sample, performance on the FCAI was predicted by Mini-Mental State Examination, IQCODE, and GAI, but not by ACE-R, GDS, NPI items, or SVS (adjusted R2 = 0.7059).

Conclusions: Anxiety but not depression predicted financial capacity performance, possibly reflecting relatively low variance of depressive symptoms in this sample. Current cognitive decline as measured by the informant-rated IQCODE was more highly correlated to financial capacity than either educational attainment or ACE-R scores. Lack of significance of ACE-R data may reflect the instrument's decreased sensitivity to domains relevant to financial capacity, compared with more detailed neuropsychological assessment tools. The FCAI displayed fairly robust psychometric properties apart from the debt management subscale. Copyright © International Psychogeriatric Association 2014.

Keywordsaging; anxiety; capacity assessment; financial capacity; social vulnerability; Adult; Aged; Aged, 80 and over; Anxiety; Cognition Disorders; Dementia; Depression; Female; Financing, Personal; Humans; Male; Mental Competency; Middle Aged; Neuropsychological Tests; Psychological Tests; Questionnaires; Young Adult; Public Health, Social Medicine and Epidemiology; Gerontology and Geriatrics; Psychiatry; Health Policy, Economics and Management;
ANZSRC Field of Research 2020520402. Decision making
520599. Social and personality psychology not elsewhere classified
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Byline AffiliationsUniversity of Queensland
Institution of OriginUniversity of Southern Queensland
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