Safe As Prevention: A New Financial Exploitation Prevention Program

Background and Purpose: The need to develop efficient and effective strategies to prevent fraud and financial exploitation of older adults has become an increasing focus. The SAFE as Prevention program used an approach grounded in Routine Activity Theory (RAT) (Cohen & Felson, 1979) and prevention science to develop an intervention aimed at reducing risk factors for financial exploitation. The program focused on four risk factors: (1) high financial vulnerability scores, (2) low financial literacy scores, (3) the lack of a trusted advocate, and (4) the lack of a financial inventory. The current study serves as a cross-validation of the preliminary evaluation of the prevention program and an evaluation of the intervention. The study's aim is to determine the outcomes and acceptability of the intervention.

Methods: The study uses program baseline and follow-up assessment data of 147 older adults enrolled in the program. The sample was a non-random convenience sample of individuals who volunteered for the program. Of the 147 study participants, 21.8% (32) were lost to follow-up. The sample was largely made up of people of color (80.3%), and females (81.6%), and 70.1% were unmarried. Participants had an average of 15.21 years of education and 71.75 years of age.

Results: Participants who completed the program demonstrated reduced financial vulnerability and higher financial literacy scores. Significant differences were also found in anxiety and financial hassles from baseline to follow-up. All program satisfaction questions were measured on a 1-5 scale; the means ranged from 4.68 to 4.95, indicating high satisfaction with the program. Of the individuals who did not have a trusted advocate at the start of the study, 41% created a Power of Attorney document to appoint an advocate. Among those who did not have financial inventories at the beginning of the program, 55% completed inventories.

Conclusions and Implications: These findings provide evidence that the financial exploitation prevention program is both effective and well-received among older adult participants. The study extends the application of RAT beyond descriptive and observational uses by empirically testing an intervention that directly targets the capable guardian component of RAT. Rather than viewing capable guardians as only external actors, the present study suggests that older adults themselves can be empowered to serve as capable guardians of their own finances by using prevention sciences approach of targeting modifiable risk factors associated with financial exploitation, and helps older adults to identify external guardians in the event that cognitive or functional factors impede their ability to manage their own finances. The study introduces an important new program that social workers can implement to protect older adults from financial exploitation. The SAFE as Prevention program aligns with the foundational values of social work through its person-centered approach and could be easily implemented in social work settings.