The WALLET Study: Wealth Accumulations & Later-life Losses in Early cognitive Transitions 2020-2023

Principal Investigator(s): View help for Principal Investigator(s) Peter Lichtenberg, Wayne State University

Name	File Type	Size	Last Modified
WALLET Database_ 150n_281v_Nov032024.sav	application/x-spss-sav	212.5 KB	11/21/2024 04:16:AM
WALLET_Study_Codebook.pdf	application/pdf	47.5 KB	07/08/2024 05:22:AM
WALLET_Study_Final_Report.pdf	application/pdf	2 MB	06/21/2024 06:39:AM
WALLET_Study_Questionnaires.pdf	application/pdf	3.6 MB	05/22/2024 09:58:AM

Project Citation:

Lichtenberg, Peter. The WALLET Study: Wealth Accumulations & Later-life Losses in Early cognitive Transitions 2020-2023. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2024-11-22. https://doi.org/10.3886/E211722V1

Project Description

Summary: WALLET Study recruited participants aged 59 and older. Participants completed questionnaires via interview (in-person or telephone) and provided at least 12 months of bank statements of a primary checking account and/or credit card if applicable. Access to bank statement data is limited, please contact PI for more information. The overall goal of the project was to create a new “real world” financial management test from older individual's bank records, and examine the older adult's wealth loss, financial decision-making and vulnerability to financial exploitation.

Funding Sources: National Institutes of Health (R21AG067405)

Scope of Project

Subject Terms: financial management; decision making; stress; financial support; memory; financial assets

Geographic Coverage: U.S.

Collection Date(s): 5/1/2020 – 10/1/2023

Universe: U.S citizens between the ages of 59 ½ and 99, not institutionalized.

Data Type(s): survey data

Collection Notes: Bank statements are held by the Principal Investigator, arrangements can be made for anyone interested in viewing them. Please contact PI for more information at [email protected]

Methodology

Response Rate: All enrolled participants completed the study

Sampling: Convenience and snowball

Collection Mode(s): other; telephone interview

Scales:

Perceived_Health_Total: Sum of self-rated physical health (SR_HEALTH_PHYSICAL_1), mental health (SR_HEALTH_MENTAL_2), yes/no disability (SR_HEALTH_DISABLED_3)
TOTAL_HEALTH_CONDITIONS: Sum of all health conditions
TOTAL_IADLS: Sum of all IADL items (Instrumental Activities of Daily Living)
MMSE_Pro: Prorated MMSE from verbal items (Mini Mental State Examination)
Numeracy: Groups were formed from Independent Living Scale Managing Money (ILS_MM) variable. 22 or less was coded 0, 23 was coded as 1, 24 was coded as 2, 25 or more was coded as 3
SA_TOTAL_LONG: Financial Situational Awareness subscale of the Financial Decision-Making Rating Scale. Calculated by the sum of all scored items of subscale. Items not to be scored are indicated in variable name.
PV_TOTAL_LONG: Psychological Vulnerability subscale of the Financial Decision-Making Rating Scale. Calculated by the sum of all scored items of subscale. Items not to be scored are indicated in variable name.
CF_TOTAL: Current Financial Decision/Transaction Questions subscale of the Financial Decision-Making Rating Scale. Calculated by the sum of all scored items of subscale. Items not to be scored are indicated in variable name.
UI_FE_LONG: Undue Influence and Financial Exploitation subscale of the Financial Decision-Making Rating Scale. Calculated by the sum of all scored items of subscale. Items not to be scored are indicated in variable name.
LFDRS_TOTAL: Total score of full Lichtenberg Financial Decision-Making Rating Scale. Calculated by adding the total of of the subscales SA_TOTAL_LONG, PV_TOTAL_LONG, CF_TOTAL, and UI_FE_LONG
FIN_LIT_SF: Self rated financial literacy score
Financial_Literacy_Correct_Answers: Sum of number of correct answers to financial literacy questions (FIN_LIT_1, FIN_LIT_2, FIN_LIT_3)
STS_TOTAL: Susceptibility To Scams scale total score calculated by adding the STS variables together.
GDS_TOTAL: General Depression Scale (short form) total score, calculated by adding the GDS variables together.
PSS_TOTAL: Perceived Stress Scale total score, calculated by adding the PSS variables together.
RAVLT_Total: Rey Auditory-Verbal Learning Test scale total score, calculated by sum of total words recalled.
RAVLT_Lot: Rey Auditory-Verbal Learning Test Learning over Trials, calculated by the sum of words recalled across trials 1-5
FEVS: The FEVS (Financial Exploitation Vulnerability Scale) is calculated by adding the LFDRS questions number 2, 3,4,5,6,7b,10, 13, 19, 20, 21, 23, 24,25, 47,50,56
PFV: Perceived Financial Vulnerability, calculated by adding the LFDRS question number 6,20,21,29,28, and 48.
Wealth Loss: Excess spending was determined by subtracting the sum of the 12-month expenditures (from the checking account) from the total income. Negative values were categorized as excess spending. For individuals who satisfied the excess spending criteria, we calculated the loss value to the annual percentage of loss beyond income bydividing the loss value by the annual income. For example, if a participant expended $10,000 beyond an income base of $100,000, the loss would be 10%.
Early Memory Loss Group: PCI (Perceived Cognitive Impairment) and MCI (Mild Cognitive Impairment) participants were merged into one variable. This is different from health conditions MEM_PROB

Weights: N/A

Unit(s) of Observation: Older adults aged 59½ or older that are primary account holders on a checking account

Geographic Unit: U.S.

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Published Versions

V1 [2024-11-22]

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