JMIR Publications

ABSTRACT

Background:

Technology enabled tasks to conduct financial transactions are ubiquitous around the world. In a recent survey, about 75% of the respondents endorsed the use of technology (e.g., online services accessed via a computer) to perform financial activities such as reviewing bank statements and keeping track of money spent. However, assessment of financial decision making is limited by tasks that use traditional paper-and-pencil methods (e.g., checkbook management) or by relying on self- or informant reports which are prone to biases. Furthermore, such tools have weak psychometric properties and are at times limited in scope. Thus, there is an urgent need to develop modern, technology-based tools that have strong psychometric properties and that can assess financial decision making comprehensively and accurately.

Objective:

This study aimed to develop and establish the psychometric properties of a novel, simulated online money management (OMM) credit card task. Based on existing gaps identified in the literature, this task relied on objective measurement, assessed multiple dimensions within a single task, and mimicked a real-world task to bridge the gap between a controlled, clinical setting and real-world functioning.

Methods:

This was a prospective cohort study that enrolled cognitively healthy older adults. This study was funded by the National Institutes of Health. Recruitment sites included the Alzheimer's Disease Research Center (ADRC) at Columbia University Medical Center (CUMC) and Boston University School of Medicine. Participants were also recruited from ResearchMatch.org, which allowed for recruitment of older adults across the United States. Data collection, due to the COVID 19 pandemic, was adapted to use remote testing procedures. The test battery consisted of an array of cognitive, financial, and psychosocial tasks. Participants provided written informed consent, and all procedures received IRB approval.

Results:

Data collection began in September 2019 and enrollment stopped in July 2025. A total of 272 participants completed the baseline visit, while 147 completed the longitudinal follow-up visit.

Conclusions:

Rigorous standards have been deployed for developing this novel OMM credit card task. Study findings will have substantial implications for researchers, clinicians, and older adults themselves.