Published in:Boston College Center for Retirement Research WP 2014-13
Extent:
1 Online-Ressource (29 p)
Language:
English
DOI:
10.2139/ssrn.2523428
Identifier:
Origination:
Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments November 2014 erstellt
Description:
Financial fraud is a major threat to older Americans, and this problem is expected to grow as the baby boom generation retires and more retirees manage their own retirement accounts. We use a unique dataset to examine the causes and consequences of financial fraud among older Americans. First, we find that decreasing cognition is associated with higher scam susceptibility scores and is predictive of fraud victimization. Second, overconfidence in one's financial knowledge is associated with fraud victimization. Third, fraud victims increase their willingness to take financial risks relative to propensity-matched non-victims