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The Causes and Consequences of Financial Fraud Among Older Americans

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  • Keith Jacks Gamble
  • Patricia Boyle
  • Lei Yu
  • David Bennett

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.

Suggested Citation

  • Keith Jacks Gamble & Patricia Boyle & Lei Yu & David Bennett, 2014. "The Causes and Consequences of Financial Fraud Among Older Americans," Working Papers, Center for Retirement Research at Boston College wp2014-13, Center for Retirement Research.
    • Handle: RePEc:crr:crrwps:wp2014-13
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    File URL: http://crr.bc.edu/working-papers/the-causes-and-consequences-of-financial-fraud-among-older-americans/
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    Cited by:

    1. Burke, Jeremy & Kieffer, Christine & Mottola, Gary & Perez-Arce, Francisco, 2022. "Can educational interventions reduce susceptibility to financial fraud?," Journal of Economic Behavior & Organization, Elsevier, vol. 198(C), pages 250-266.
    2. Michael P. Keane & Susan Thorp, 2016. "Complex Decision Making: The Roles of Cognitive Limitations, Cognitive Decline and Ageing," Economics Papers 2016-W10, Economics Group, Nuffield College, University of Oxford.
    3. Amitabh Chandra & Courtney Coile & Corina Mommaerts, 2023. "What Can Economics Say about Alzheimer's Disease?," Journal of Economic Literature, American Economic Association, vol. 61(2), pages 428-470, June.
    4. Keane, M.P. & Thorp, S., 2016. "Complex Decision Making," Handbook of the Economics of Population Aging, in: Piggott, John & Woodland, Alan (ed.), Handbook of the Economics of Population Aging, edition 1, volume 1, chapter 0, pages 661-709, Elsevier.
    5. Steven James Lee, 2021. "Does Fixed Income Buffer against Fraud Shocks?," JRFM, MDPI, vol. 14(10), pages 1-22, October.

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