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The financial misstep that may be connected to dementia
Dementia can progress slowly and take years to diagnose, but researchers have tracked finances and aging and think there's a connection that points to early signs of the disease.
ATLANTA - Forgetting things as we age is normal. But when does it cross the line into something more, like dementia? A recent mental health study shows that money mistakes might be a sign that something is afoot.
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Researchers compared health records of older patients to credit bureau data. They found a pattern in people who eventually developed dementia. They started missing credit card payments six years before diagnosis. Two years away from diagnosis, these patients missed so many payments their credit status dropped into the subprime zone.
It’s important to be aware of this. Too often those with dementia can get into serious financial trouble and lose their homes.
FOUR WAYS TO SIMPLIFY FINANCES
- Pare down banking.
- Get down to one or two credit cards.
- Set up payment alerts.
- Try automatic billing.
Have a trusted person who can oversee or be aware of a loved one's finances. If that person is you, know that it's hard to give up independence. There can be resentment from an aging parent toward an adult child.
Start the conversation about managing a loved one's finances before mental health is compromised. Make a plan. Start slowly. Maybe pay the bills first while still allowing for the elderly relative to freely spend set-aside money.
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