Khaberni - Recent studies have shown that changes in financial behavior may be one of the early signs of dementia, years before traditional symptoms such as memory loss appear.
The research indicates that difficulty in managing money and making financial decisions can begin 5 years or more before diagnosis.
A team from the Federal Reserve in New York analyzed financial and medical data, and found that individuals later diagnosed with dementia show declines in credit scores, frequent delays in bill payments, and receive final warnings or service disconnection notices, alongside unusual spending, according to the "Mirror" newspaper.
According to the study published in JAMA Internal Medicine, financial indicators can be observed two and a half years before diagnosis, while other data shows that missing bill payments can occur six years prior, with signs possibly emerging up to 10 years before, according to a second study published in JAMA Network Open.
This study suggests that the loss of ability to manage money may begin 10 years before the person has to relinquish their financial responsibilities to someone else, with early signs including spending more time at home, decreased social engagement, and increased financial fragility.
5 Financial Behaviors That Require Attention
Victoria Lyons, a nurse at Dementia UK, explained that changes in managing money could be among the first signs, highlighting 5 key points:
Difficulty in simple financial tasks: such as paying bills, understanding bank statements, or overly focusing on minor details.
Unusual spending: purchasing unnecessary items or making unusually large donations.
Missing or repeating payments: forgetting to pay a bill or paying it multiple times.
Constantly losing cards or cash: forgetting PINs or withdrawing money without remembering why.
Being easily susceptible to scams: due to weakened judgment and decision-making abilities.
Diagnosis requires a comprehensive medical evaluation
Although these changes may be associated with dementia, they are not definitive proof, as diagnosis requires a comprehensive medical evaluation. Alzheimer’s UK confirms that a decline in financial capability does not necessarily mean a complete loss of control over financial matters.
Persons with dementia can continue to manage some of their financial affairs if appropriate support is available, such as using signature-based cards instead of PINs or setting up direct debit for bills.
Caregivers may only need to intervene in complex financial decisions, leaving daily expenses to the person as long as they are capable of managing them, with the possibility of using a legal power of attorney to ensure sound financial management without compromising the person’s independence more than necessary.
