144| Financial Decision Making in Older Adults – A Conversation With Dr. Duke Han

In this episode, we discuss various aspects of financial decision making in older adults with Dr. Duke Han. Topics covered include age associated financial vulnerability, risk factors for financial exploitation, specific types of financial exploitation, relationships between cognitive abilities and financial decision making, relevant neuropsychological assessment instruments, declines in financial decision making as a harbinger of Alzheimer’s disease/dementia, socioeconomic and sociocultural factors, the protective effects of financial literacy, advice for clinical neuropsychological evaluations, and prevention/intervention.

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About Duke

Duke Han, PhD, is a Diplomate of the American Board of Professional Psychology in Clinical Neuropsychology, a Fellow of the American Psychological Association and the National Academy of Neuropsychology, and a tenured Professor of Psychology, Family Medicine, Neurology, and Gerontology at the University of Southern California. He received his Bachelor of Science degree in Psychology with a specialization in Neuroscience from Duke University, and his PhD Doctorate Degree in Clinical Psychology from the University of Massachusetts Boston.

Dr. Han is interested in the factors that affect cognition and decision making in aging. He also has special interests in leveraging novel empirical approaches to better understand these factors, and in the advocacy of justice, equity, diversity, and inclusion considerations in aging and neuroscience research. In addition to directing his own extramurally-funded research lab, he serves as the Co-Leader of the Research and Education Core for the USC Alzheimer’s Disease Research Center, and the Editor-In-Chief of The Journals of Gerontology Series B: Psychological Sciences. He was the recipient of the prestigious Paul B. Beeson fellowship, which is considered the premiere career development award of the National Institute on Aging (NIA), and has been actively involved in the peer-review of aging and Alzheimer’s Disease research grants, including serving as the Chair of the NIA Clinical and Translational Research of Aging review committee (NIA-T) and the Neuroscience of Aging review committee (NIA-N). Dr. Han is a founding governance member of the Global Council on Brain Health, an international independent science collaborative convened by AARP that is tasked with offering the aging public the best advice about brain health. He is also a member of the Scientific Advisory Board for the Alzheimer’s Disease Neuroimaging Initiative (ADNI) and the American Psychological Association (APA) Presidential Task Force on Neuropsychological Test Norming in Diverse Populations. Dr. Han has served as an oral examiner for the clinical neuropsychology board certification process for the American Board of Clinical Neuropsychology (ABCN), and he currently holds multiple service or mentorship roles in the International Neuropsychological Society (INS), the National Academy of Neuropsychology (NAN), the American Academy of Clinical Neuropsychology (AACN), and the Society for Clinical Neuropsychology (Division 40) of the APA. His work has been featured in multiple media outlets, including Reuters, CBS, PBS, Forbes, Fox Business News, and U.S. News and World Report.

Resources

National Center on Elder Abuse

State Elder Abuse Hotlines (U.S.)

Older Adult Nest Egg – Financial Exploitation

Peter Lichtenberg Site on Financial Decision Making

Consumer Financial Protection Bureau

DOJ Elder Justice Initiative for Financial Exploitation

FBI Internet Crime Complaint Center (IC3)

U.S. Senate Fraud Hotline

References

Fenton, L., Weissberger, G. H., Boyle, P. A., Mosqueda, L., Yassine, H. N., Nguyen, A. L., … & Han, S. D. (2022). Cognitive and neuroimaging correlates of financial exploitation vulnerability in older adults without dementia: Implications for early detection of Alzheimer’s disease. Neuroscience & Biobehavioral Reviews, 140, 104773.

Fong, J. H., Koh, B. S., Mitchell, O. S., & Rohwedder, S. (2021). Financial literacy and financial decision-making at older ages. Pacific-Basin Finance Journal, 65, 101481.

Han, S. D., Boyle, P. A., James, B. D., Yu, L., Barnes, L. L., & Bennett, D. A. (2016). Discrepancies between cognition and decision making in older adults. Aging clinical and experimental research, 28, 99-108.

Lamar, M., Arfanakis, K., Yu, L., Kapasi, A., Han, S. D., Fleischman, D. A., … & Boyle, P. (2023). The Relationship of MRI-Derived Alzheimer’s and Cerebrovascular-Related Signatures With Level of and Change in Health and Financial Literacy. The American Journal of Geriatric Psychiatry, 31(12), 1129-1139.

Lichtenberg, P. A., Paulson, D., & Han, S. D. (2020). Examining health and wealth correlates of perceived financial vulnerability: A normative study. Innovation in Aging, 4(4), igaa039.

 

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