Dementia places a huge mental and physical burden on families. And economically too.
A new report from the Federal Reserve Bank of New York says that financial impacts are often one of the earliest signs of illness.
Analysing 17 years of data from consumer credit bureau and Medicare databases, the researchers found that lower credit scores and increased late payments were common in the five years before a dementia diagnosis. Alzheimer’s disease and Related Disorders (ADRD)
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People in the early stages of dementia may also take on more debt, open new credit card accounts, and use multiple types of credit cards.
“Given the typical progression of the disease, these findings suggest an economic impact of the disease in its early stages, when symptoms are usually mild and not widely apparent,” the researchers wrote.
A new report says that negative financial effects are often one of the earliest signs of illness. (iStock)
“The economic impact of prediagnostic ADRD has increased steadily over time.”
This is of particular concern. senior citizen The report noted that people with dementia are likely to incur significant costs in care and other related expenses.
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Monica Moreno, senior director of care and support at the Alzheimer’s Association of Chicago, said the new report confirms what experts already know. Money Management or personal finances are common early warning signs of dementia.
“Dementia has a wide range of signs and symptoms, but difficulties with problem-solving and planning can lead to financial mismanagement,” Moreno, who was not involved in the New York Fed report, told Fox News Digital in an email.
“Other symptoms associated with dementia, such as impaired judgment or poor decision-making and difficulty completing familiar tasks, can also have a negative impact on money management and personal finances.”
“The person may have a lot of unopened bills or may be spending excessive amounts.”
Moreno noted that in the early stages of the disease, people may struggle with more complex tasks, such as managing their investments or making decisions about big purchases.
“Because dementia is often a progressive disease, these challenges increase over time,” she says. Family members It is important to identify these potential signs early and intervene as soon as possible.”
Common Warning Signs
Common signs to look out for include: checking accounts that don’t balance or are consistently Late credit card payments Or to pay other monthly bills, Moreno said.
“They may have a lot of unopened bills or be spending excessive amounts,” she says.
Common signs to look out for, experts say, include a checking account that doesn’t balance and consistently being late with credit card or other monthly payments. (iStock)
People with dementia may also be more susceptible to financial abuse, identity theft, scams and get-rich-quick schemes.
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“If these issues and potential threats are not addressed, dementia patients could be at significant financial risk,” Moreno warned.
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“If you suspect your loved one may be showing signs of dementia, it’s important to share your concerns and speak to a medical professional,” Moreno says. “An early dementia diagnosis provides the best opportunity to put in place a financial safety net.”
For those whose loved ones are struggling with managing finances, the Alzheimer’s Association shared the following tips and strategies with Fox News Digital.
1. Talk to someone you trust Part of the family Or you can help a friend pay their bill or set up automatic billing to avoid late payments.
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2. Create a separate account to hold an agreed-upon small amount of money that can be used for recreational activities, meals with friends, and other personal purchases.
3. Sign up to receive automatic notifications regarding withdrawals Bank accounts Or large charges on your credit card. If you set a billing or spending limit and spend more than that amount, your bank or credit card company will let you know.
Experts warn that dementia patients are also more vulnerable to financial abuse, identity theft, scams and get-rich-quick schemes. (iStock)
Four. Request electronic bank and credit card statements and take note of any unusual purchases or changes in the person’s usual way of spending money.
Five. To protect yourself from telemarketing calls and potential phone scams, sign up for the “Do Not Call” list at donotcall.gov.
It’s always best to have the conversation about money management early on, Moreno advised.
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“In the early stages of Alzheimer’s, people are more likely to understand the importance of these issues and the questionable behaviors they should avoid,” she said.
“Waiting can cause your relative’s memory and other executive functioning skills to decline, making it harder for them to grasp these concepts.”
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Fox News Digital has reached out to researchers at the Federal Reserve Bank of New York for comment.
