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Older and wiser: age differences in susceptibility to investment fraud: the protective role of emotional intelligence

Older and wiser: age differences in susceptibility to investment fraud: the protective role of emotional intelligence
Older and wiser: age differences in susceptibility to investment fraud: the protective role of emotional intelligence
There have been inconsistent results regarding whether older adults are more vulnerable to fraud than younger adults. The two main goals of this study were to investigate the claim that there is an age-related vulnerability to fraud and to examine whether emotional intelligence (EI) may be associated with fraud susceptibility. Participants (N = 281; 18–82 years; M = 53.4) were recruited via Amazon’s Mechanical Turk and completed measures of EI, decision-making, and scam susceptibility. Participants who scored higher on “ability” EI were less susceptible to scams. The “younger” group (M = 2.50, SD = 1.06) was more susceptible to scams than the “older” group, p <.001, d = 0.56, while the “older” group (M = 4.64, SD = 1.52) reported the scams as being more risky than the “younger” group, p =.002, d = 0.37. “Older” participants were more sensitive to risk, less susceptible to persuasion, and had higher than average emotional understanding. Emotional understanding was found to be a partial mediator for age-related differences in scam susceptibility and susceptibility to persuasion.
Emotional intelligence, decision-making, susceptibility to persuasion
0894-6566
152-172
Mueller, Emily
2d573855-fa5e-4d72-a150-f3aa2a00b22e
Wood, Stacey
f73c11f1-c315-4812-9eb9-5d4cb5b395ad
Hanoch, Yaniv
3cf08e80-8bda-4d3b-af1c-46c858aa9f39
Huang, Yumi
c997c15f-6aa4-4367-9c4a-79ce1648ab09
Reed, Catherine
a5e03686-6df5-4a26-83ab-b24c77724fc2
Mueller, Emily
2d573855-fa5e-4d72-a150-f3aa2a00b22e
Wood, Stacey
f73c11f1-c315-4812-9eb9-5d4cb5b395ad
Hanoch, Yaniv
3cf08e80-8bda-4d3b-af1c-46c858aa9f39
Huang, Yumi
c997c15f-6aa4-4367-9c4a-79ce1648ab09
Reed, Catherine
a5e03686-6df5-4a26-83ab-b24c77724fc2

Mueller, Emily, Wood, Stacey, Hanoch, Yaniv, Huang, Yumi and Reed, Catherine (2020) Older and wiser: age differences in susceptibility to investment fraud: the protective role of emotional intelligence. Journal of Elder Abuse and Neglect, 32 (2), 152-172. (doi:10.1080/08946566.2020.1736704).

Record type: Article

Abstract

There have been inconsistent results regarding whether older adults are more vulnerable to fraud than younger adults. The two main goals of this study were to investigate the claim that there is an age-related vulnerability to fraud and to examine whether emotional intelligence (EI) may be associated with fraud susceptibility. Participants (N = 281; 18–82 years; M = 53.4) were recruited via Amazon’s Mechanical Turk and completed measures of EI, decision-making, and scam susceptibility. Participants who scored higher on “ability” EI were less susceptible to scams. The “younger” group (M = 2.50, SD = 1.06) was more susceptible to scams than the “older” group, p <.001, d = 0.56, while the “older” group (M = 4.64, SD = 1.52) reported the scams as being more risky than the “younger” group, p =.002, d = 0.37. “Older” participants were more sensitive to risk, less susceptible to persuasion, and had higher than average emotional understanding. Emotional understanding was found to be a partial mediator for age-related differences in scam susceptibility and susceptibility to persuasion.

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Mueller paper1.20.20 - Accepted Manuscript
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More information

Accepted/In Press date: 26 February 2020
e-pub ahead of print date: 9 March 2020
Published date: 2020
Keywords: Emotional intelligence, decision-making, susceptibility to persuasion

Identifiers

Local EPrints ID: 439316
URI: http://eprints.soton.ac.uk/id/eprint/439316
ISSN: 0894-6566
PURE UUID: 279bf82b-df94-465b-9aaa-7cbf29bf0807
ORCID for Yaniv Hanoch: ORCID iD orcid.org/0000-0001-9453-4588

Catalogue record

Date deposited: 08 Apr 2020 16:32
Last modified: 28 Apr 2022 04:53

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Contributors

Author: Emily Mueller
Author: Stacey Wood
Author: Yaniv Hanoch ORCID iD
Author: Yumi Huang
Author: Catherine Reed

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