In the Media: Professor of Psychology Stacy Wood Gives Advice to Avoid Elder Financial Abuse in U.S. News

How to Help Aging Parents Manage Portfolios

Americans are experiencing greater longevity than ever before. But, as older adults live longer lives, the chances increase that that this population may lose track of their finances or fall prey to con artists. Scripps Professor of Psychology Stacey Wood, who studies decision making and elder abuse, is the lead expert in a U.S. News piece about elder financial management. Wood suggests that adult children check in with parents regarding finances, especially if the parents have certain risk factors for scams and poor decision making: “Older adults lower in numeracy – comfort with numbers – may tend to go with their gut in decision-making,” Wood says. “We have also found loneliness and depression increase the risk of financial exploitation. Changes in social circumstances, such as the loss of a spouse, greatly increase risk and vulnerability.”