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| author | Samantha Reed Lacey |
| title | Stereotype Threat, Financial Decision Making and Fraud in the Aging Population |
| abstract | In light of a growing aging population, and increasing numbers of older adults falling victim to financial scams,
this thesis aims to investigate: how changes in the cognitive-affective processes of older adults relate to this population's likelihood to be targeted/fall
victim to financial scams (Chapter 1); how a social psychological phenomenon known as stereotype threat may interact with these cognitive-affective changes
to potentially decrease this population's susceptibility (Chapter 2). The empirical study that is presented in relation to these aims in Chapter 3 specifically
explores the effects of stereotype threat on the financial decision making processes of older adults. Fifty-one older adults (37 females, 14 males) between the
ages of 60 and 90 were either presented with a positive, negative, or no age-based financial stereotype, and performance was compared across various financial
measures (i.e., risk tolerance, financial knowledge/confidence, scam susceptibility etc.). The results showed that although the older adults internalized the
positive and negative age-based financial stereotypes, no differences were found between the conditions with regard to: concern about fraud, financial focus on
losses or gains, financial knowledge/confidence, and scam susceptibility. However, the threatening negative stereotype was found to alter participants'
financial risk tolerances and financial behaviors/attitudes, such that they became more risk averse/conservative. Thereby, although stereotypes may be
suggested to play a role in making older adults more cautious/less risk-taking when making financial decisions, more research is needed to determine if
stereotypes play a role in a person's susceptibility to actually falling victim to a financial scam. |
| school | The College of Liberal Arts, Drew University |
| degree | B.A. (2017) |
| advisor | Patrick Dolan |
| committee | Jessica Lakin
Giandomenico Sarolli |
| full text | SRLacey.pdf |
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