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

Published online by Cambridge University Press:  26 February 2014

Nancy A. Pachana ,
Gerard J. Byrne ,
Jill Wilson ,
Cheryl Tilse ,
Donna M. Pinsker ,
Bronwyn Massavelli ,
Katharine J. Vearncombe  and
Leander K. Mitchell
Nancy A. Pachana*
Affiliation:
School of Psychology, The University of Queensland, Brisbane, Queensland, Australia School of Medicine, The University of Queensland, Brisbane, Queensland, Australia School of Social Work and Human Services, The University of Queensland, Brisbane, Queensland, Australia
Gerard J. Byrne
Affiliation:
School of Psychology, The University of Queensland, Brisbane, Queensland, Australia School of Medicine, The University of Queensland, Brisbane, Queensland, Australia School of Social Work and Human Services, The University of Queensland, Brisbane, Queensland, Australia
Jill Wilson
Affiliation:
School of Psychology, The University of Queensland, Brisbane, Queensland, Australia School of Medicine, The University of Queensland, Brisbane, Queensland, Australia School of Social Work and Human Services, The University of Queensland, Brisbane, Queensland, Australia
Cheryl Tilse
Affiliation:
School of Psychology, The University of Queensland, Brisbane, Queensland, Australia School of Medicine, The University of Queensland, Brisbane, Queensland, Australia School of Social Work and Human Services, The University of Queensland, Brisbane, Queensland, Australia
Donna M. Pinsker
Affiliation:
School of Psychology, The University of Queensland, Brisbane, Queensland, Australia School of Medicine, The University of Queensland, Brisbane, Queensland, Australia School of Social Work and Human Services, The University of Queensland, Brisbane, Queensland, Australia
Bronwyn Massavelli
Affiliation:
School of Psychology, The University of Queensland, Brisbane, Queensland, Australia School of Medicine, The University of Queensland, Brisbane, Queensland, Australia School of Social Work and Human Services, The University of Queensland, Brisbane, Queensland, Australia
Katharine J. Vearncombe
Affiliation:
School of Psychology, The University of Queensland, Brisbane, Queensland, Australia School of Medicine, The University of Queensland, Brisbane, Queensland, Australia School of Social Work and Human Services, The University of Queensland, Brisbane, Queensland, Australia
Leander K. Mitchell
Affiliation:
School of Psychology, The University of Queensland, Brisbane, Queensland, Australia School of Medicine, The University of Queensland, Brisbane, Queensland, Australia School of Social Work and Human Services, The University of Queensland, Brisbane, Queensland, Australia
*
Correspondence should be addressed to: Nancy A Pachana, School of Psychology, The University of Queensland, Brisbane, Queensland 4072, Australia. Phone: +61-7-3365-6832. Email: [email protected].
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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.

Keywords

financial capacitycapacity assessmentsocial vulnerabilityanxietyaging
Type
Research Article
Information
International Psychogeriatrics , Volume 26 , Issue 6 , June 2014 , pp. 921 - 927
Copyright
Copyright © International Psychogeriatric Association 2014 

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