A Review of the Methods of Assessment of the Financial Competency

Determining financial competency is too important to prevent abuse and defraud of people with cognitive impairment, especially the elderly. However, despite the critical role of this subject, there is relatively little scientific literature and conceptual guidance on this issue, especially in the field of how to assess in clinical and forensic settings for physicians and legal professionals. Although steps have been taken in formulating guidelines for assessing financial competency, there are still no approved and consensus-based practical standards for assessment. The purpose of this research is to review the studies that have been done regarding the methods of evaluating financial competency, so that after summarizing, if possible, the existing knowledge can be used the determine the financial competency in the legal medicine organization. Investigations showed that none of the observational, psychometric, clinical interview, and neuropsychological test methods alone are not sufficient to judge a person's financial incapability and should be used in combination.