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Date of Award
Peter A. Lichtenberg
Financial decisions can have large effects on the well-being of older adults, but the psychological aspect of financial decision making in this population has received relatively little attention from researchers. The present study examined the psychometric properties and validity of a previously developed brief financial decision-making self-efficacy (FDMSE) measure for use with older adults, using data from a new sample of community-dwelling older adult decision makers. The construct was unidimensional and had adequate internal consistency. FDMSE was positively associated with self-reported measures of financial stress, depression, anxiety, physical and functional health but was not related to performance based measures of financial literacy, financial management, grip strength, walking speed or neuropsychological measures. Participants with a history of financial exploitation reported lower levels of FDMSE than nonexploited peers. These results support the construct validity of FDMSE, which may provide unique information about an older adult’s financial decision-making ability and financial vulnerability.
Gross, Evan Zachary, "Financial Decision-Making Self-Efficacy: Financial, Cognitive, And Psychological Correlates" (2021). Wayne State University Dissertations. 2487.