The causes and consequences of financial fraud among older Americans

Gamble, Keith Jacks, Patricia Boyle, Lei Yu, and David Bennett. “The causes and consequences of financial fraud among older Americans”. CRR WP 2014-13, Chestnut Hill, Mass.: Center for Retirement Research at Boston College, November 2014. http://hdl.handle.net/2345/bc-ir:104740.
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Abstract

Financial fraud is a major threat to older Americans, and this problem is expected to grow as the baby boom generation retires and more retirees manage their own retirement accounts. We use a unique dataset to examine the causes and consequences of financial fraud among older Americans. First, we find that decreasing cognition is associated with higher scam susceptibility scores and is predictive of fraud victimization. Second, overconfidence in one's financial knowledge is associated with fraud victimization. Third, fraud victims increase their willingness to take financial risks relative to propensity-matched non-victims.

Title
The causes and consequences of financial fraud among older Americans
Author
Gamble, Keith Jacks
Boyle, Patricia
Yu, Lei
Bennett, David
Center
Center for Retirement Research
Genre
working paper
Date Issued
November 2014
Publisher
Center for Retirement Research at Boston College
Series Title
CRR WP
Series Number
2014-13
Persistent Link
http://hdl.handle.net/2345/bc-ir:104740
Use Restrictions
These materials are made available for use in research, teaching and private study, pursuant to U.S. Copyright Law. The user must assume full responsibility for any use of the materials, including but not limited to, infringement of copyright and publication rights of reproduced materials. Any materials used for academic research or otherwise should be fully credited with the source. The publisher or original authors may retain copyright to the materials.
Subject
Health/long-term care

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