RISK AND PROTECTIVE FACTORS FOR ELDER FINANCIAL EXPLOITATION BY FAMILY POWER OF ATTORNEY AGENTS

Elder Financial Exploitation (EFE) by a family member POA agent is a form of elder mistreatment perpetrated by family members appointed by an older adult to manage health care, financial decisions, or both. Survey and interview data from 60 participants compared POA agent experiences from two types of families: those with successful POA experiences absent EFE and those experiencing EFE by a POA agent. Prior to the identification of EFE, the majority of older adults experienced declines in physical and cognitive functioning; many exhibited poor financial practices prior to invoking POA authority. The majority of exploiting POA agents were financially dependent upon the older adult and exhibited narcissistic behaviors. Experiences of participating family members (typically an adult child of elder/non-perpetrator) suggested risk factors for exploitation, including an elder’s declining physical and cognitive health, POA agent’s financial dependence on the older adult, heightened sense of entitlement to the elder’s resources, geographic proximity to the elder, and low quality family relationships and functioning. Protective factors included the POA agent’s integrity and accountability and communication with family members, high levels of family functioning, and positive family relationships. Findings suggest the importance of estate planning considering personality, values, and family relationships in selecting POA agents, and inclusion of accountability and checks and balances as early as possible as well as maintenance of clear communication to all family members pertaining to the appointment and accountability of the POA agent. These findings provide insight into factors to target in needed EFE prevention and intervention efforts.