Aging And Vulnerability: The Psychological Ramification of Financial Fraud on Seniors

Abstract

The aging population in Thailand is proliferating, with significant effects on social, economic, and health systems.  This study aims to investigate the impact of financial fraud on senior females’ mental health in the Phra Khanong district of Bangkok, Thailand.  It identifies the types of fraud experienced by seniors and their psychological consequences, primarily focusing on stress, anxiety, and depression.  The researcher used mixed methods to explore senior females’ experiences with financial fraud. Data collection tools included the Kessler Psychological Distress Scale (K-10) to assess the level of distress, General Anxiety Disorder-7 (GAD-7) to measure anxiety levels, Patient Health Questionnaire-9 (PHQ-9) to evaluate depression severity, and in-depth Interviews to provide qualitative insights into personal experiences with fraud.  The findings indicated a high prevalence of financial fraud among the sample, with the most common phishing scams via text messages and social media (70%).  Victims of financial fraud exhibited higher levels of distress, anxiety, and depression compared to non-victims.  Specifically, the mean distress score was markedly higher in the fraud group, highlighting the severe emotional impacts of financial exploitation.  These findings call for urgent legislative action, increased public awareness, innovation, and collaboration with financial institutions to protect this vulnerable population from financial exploitation.  Future research should expand the geographical scope of the study and incorporate longitudinal designs to understand better the long-term psychological effects of financial fraud on seniors.  By prioritizing the psychological well-being of elderly individuals, society can better protect one of its most vulnerable populations from the detrimental effects of financial exploitation.