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What is Financial Capacity/Competence

Chapter 3
Global Perspectives on Health Assessments for an Aging Population
A medico–legal construct that represents an individual’s ability to manage his/her own financial affairs based on the financial knowledge and financial skills that a person possesses and in a manner that is independent and consistent with personal self-interest(s) as well as with prior and current values.
Published in Chapter:
Neuropsychological Assessment and Financial Capacity in Older Adults: A Review Based on Up-to-Date Knowledge
Vaitsa Giannouli (Aristotle University of Thessaloniki, Greece)
Copyright: © 2023 |Pages: 27
DOI: 10.4018/978-1-6684-7630-7.ch003
Abstract
Financial capacity and financial exploitation assessment in older adults is a topic of debate in modern societies, given the economic, medical, legal, and ethical implications. Healthcare professionals, legal professionals, older individuals (healthy as well as patients suffering from neurocognitive disorders), family members/informal and/or formal caregivers, and the state are all involved in this complex process. This chapter explores the theoretical models on which relevant neuropsychological instruments have been proposed and are used in different cultural settings. In addition to that, factors that can predict financial capacity performance are presented and an attempt is made to propose relevant assessment protocols by taking into consideration up-to-to-date knowledge on this topic.
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