Dementia is a neurological disorder that affects cognition, behavior, and memory. It is a progressive condition that worsens over time and can lead to a decline in a person’s ability to function independently.

People with dementia may experience a range of symptoms, including forgetfulness, confusion, difficulty with language or communication, changes in mood and personality, and a decline in physical abilities.

One of the less-known symptoms of dementia is its association with financial troubles. In fact, many people with dementia experience financial difficulties and are at a higher risk of financial exploitation and fraud.

This article will explore the link between financial troubles and dementia and provide some suggestions for how to address this issue.

Understanding Financial Troubles in Dementia

Financial troubles in dementia can be caused by a combination of factors, including cognitive decline, difficulty with decision-making, and impaired judgment.

As dementia progresses, a person’s ability to handle finances can decline, leaving them vulnerable to financial exploitation and fraud.

Some of the signs of financial troubles in dementia include:.

Difficulty managing money, paying bills, or balancing a checkbook
Unexplained bank account withdrawals or transfers
Repeatedly losing or misplacing valuables, like cash or jewelry
Difficulty understanding financial documents, like bills or bank statements
Increased use of credit cards or loans
Unpaid bills or overdue notices

If you or someone you know is experiencing any of these signs, it may be a sign that dementia is affecting financial decision-making.

Risks of Financial Exploitation and Fraud in Dementia

Financial exploitation and fraud are real risks for people with dementia. According to the Alzheimer’s Association, people with dementia are five times more likely to be victims of financial abuse than older adults without dementia.

Financial exploitation and fraud can take many forms, including:.

Scams or frauds, like telemarketing scams or fraudulent investment schemes
Theft or embezzlement, like stealing cash or valuables
Caregiver exploitation, where a caregiver misuses their position of trust to steal from or financially exploit a person with dementia

Financial exploitation and fraud can have serious consequences for people with dementia, including loss of savings, bankruptcy, and foreclosure.

These consequences can undermine a person’s ability to live independently and worsen their quality of life.

Preventing Financial Troubles in Dementia

Preventing financial troubles in dementia requires a proactive approach that addresses the underlying causes of cognitive decline and impaired financial decision-making. Some strategies to consider include:.

Creating a budget and sticking to it – this can help to ensure that bills are paid on time and that expenses are managed effectively
Using automatic bill payment systems – this can help to reduce the risk of missed payments or late fees
Minimizing financial decisions – simplifying financial decision-making can reduce the cognitive load on a person with dementia
Choosing trusted caregivers – selecting caregivers who are trustworthy and have a good track record can help to reduce the risk of financial exploitation and fraud
Monitoring financial transactions – keeping an eye on bank account statements and other financial documentation can help to identify suspicious activity

Getting Help for Financial Troubles in Dementia

If you or someone you know is experiencing financial troubles in dementia, it is essential to seek help as soon as possible. Some resources to consider include:.

Financial counseling services – these can help to provide guidance on managing finances and making sound financial decisions
Legal services – legal professionals can provide guidance on legal matters like estate planning, conservatorship, and guardianship
Elder abuse and exploitation hotlines – these can provide advice on reporting suspected abuse or exploitation and offer resources for assistance
Educational resources – the Alzheimer’s Association and other organizations offer educational resources on managing finances and preventing financial exploitation in dementia

Conclusion

Financial troubles and dementia are closely linked, and people with dementia are at a higher risk of financial exploitation and fraud.

Addressing this issue requires a proactive approach that involves minimizing financial decisions, monitoring financial transactions, and seeking help from trusted professionals. By taking these steps, we can help to reduce the risk of financial troubles and improve the quality of life for people with dementia.