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Age, Cognition, and Financial Capacity in Psychiatric Disabilities

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Abstract:

Financial capacity is evaluated in representative payee and guardianship determinations. To examine effects of age and cognition on financial capacity, N=142 adults with psychiatric disabilities who manage their own funds were interviewed. Neurocognitive ability predicted financial skills (e.g., budgeting) but not financial judgment (e.g. avoiding money scams). Age generally had little bearing on financial capacity overall. Older participants did show lower skills in bill paying but also showed better judgment in paying bills on time and not having utilities shut off. Psychiatric symptoms had greatest impact on both financial skills and judgment. Implications for clinical practice and policy are discussed.
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Association:
Name: American Psychology - Law Society
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http://www.ap-ls.org/


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URL: http://citation.allacademic.com/meta/p398599_index.html
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MLA Citation:

Elbogen, Eric. "Age, Cognition, and Financial Capacity in Psychiatric Disabilities" Paper presented at the annual meeting of the American Psychology - Law Society, Westin Bayshore Hotel, Vancouver, BC, Canada, <Not Available>. 2014-11-28 <http://citation.allacademic.com/meta/p398599_index.html>

APA Citation:

Elbogen, E. "Age, Cognition, and Financial Capacity in Psychiatric Disabilities" Paper presented at the annual meeting of the American Psychology - Law Society, Westin Bayshore Hotel, Vancouver, BC, Canada <Not Available>. 2014-11-28 from http://citation.allacademic.com/meta/p398599_index.html

Publication Type: Symposium Paper
Abstract: Financial capacity is evaluated in representative payee and guardianship determinations. To examine effects of age and cognition on financial capacity, N=142 adults with psychiatric disabilities who manage their own funds were interviewed. Neurocognitive ability predicted financial skills (e.g., budgeting) but not financial judgment (e.g. avoiding money scams). Age generally had little bearing on financial capacity overall. Older participants did show lower skills in bill paying but also showed better judgment in paying bills on time and not having utilities shut off. Psychiatric symptoms had greatest impact on both financial skills and judgment. Implications for clinical practice and policy are discussed.


Similar Titles:
Representative Payeeship, Competency to Manage Finances, and Family Conflict in Psychiatric Disabilities

Comparing Financial Capacity of Individuals with Psychiatric Disabilities and their Family Representative Payees

Physical health problems and individuals with psychiatric disabilities: Examining the impact of social-environmental factors, mental health, and recovery

Articulating a Right to Technology Access for People with Cognitive Disabilities


 
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