Age and Education Corrected Older Adult Normative Data for a Short Form Version of the Financial Capacity Instrument

Adam Gerstenecker, Amanda Eakin, Kristen Triebel, Roy Martin, Dana Swenson-Dravis, Ronald Carl Petersen, Daniel Marson

Research output: Contribution to journalArticle

10 Citations (Scopus)

Abstract

Financial capacity is an instrumental activity of daily living (IADL) that comprises multiple abilities and is critical to independence and autonomy in older adults. Because of its cognitive complexity, financial capacity is often the first IADL to show decline in prodromal and clinical Alzheimer's disease and related disorders. Despite its importance, few standardized assessment measures of financial capacity exist and there is little, if any, normative data available to evaluate financial skills in the elderly. The Financial Capacity Instrument-Short Form (FCI-SF) is a brief measure of financial skills designed to evaluate financial skills in older adults with cognitive impairment. In the current study, we present age- and education-adjusted normative data for FCI-SF variables in a sample of 1344 cognitively normal, community-dwelling older adults participating in the Mayo Clinic Study of Aging (MCSA) in Olmsted County, Minnesota. Individual FCI-SF raw scores were first converted to age-corrected scaled scores based on position within a cumulative frequency distribution and then grouped within 4 empirically supported and overlapping age ranges. These age-corrected scaled scores were then converted to age- and education-corrected scaled scores using the same methodology. This study has the potential to substantially enhance financial capacity evaluations of older adults through the introduction of age- and education-corrected normative data for the FCI-SF by allowing clinicians to: (a) compare an individual's performance to that of a sample of similar age and education peers, (b) interpret various aspects of financial capacity relative to a normative sample, and

Original languageEnglish (US)
JournalPsychological Assessment
DOIs
StateAccepted/In press - Jul 13 2015

Fingerprint

Education
Activities of Daily Living
Independent Living
Aptitude
Alzheimer Disease
Cognitive Dysfunction

Keywords

  • Financial capacity
  • Financial Capacity Instrument
  • Financial Capacity Instrument-Short Form
  • Normative study
  • Psychometric

ASJC Scopus subject areas

  • Psychiatry and Mental health
  • Clinical Psychology

Cite this

Age and Education Corrected Older Adult Normative Data for a Short Form Version of the Financial Capacity Instrument. / Gerstenecker, Adam; Eakin, Amanda; Triebel, Kristen; Martin, Roy; Swenson-Dravis, Dana; Petersen, Ronald Carl; Marson, Daniel.

In: Psychological Assessment, 13.07.2015.

Research output: Contribution to journalArticle

Gerstenecker, Adam ; Eakin, Amanda ; Triebel, Kristen ; Martin, Roy ; Swenson-Dravis, Dana ; Petersen, Ronald Carl ; Marson, Daniel. / Age and Education Corrected Older Adult Normative Data for a Short Form Version of the Financial Capacity Instrument. In: Psychological Assessment. 2015.
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