Alzheimer’s disease can interfere with the ability to perform everyday tasks, and that includes money management. Seniors with this progressive brain condition may forget to pay bills or become victim to financial scams. Relatives must help their loved ones with dementia handle their finances appropriately.
A type of dementia, Alzheimer’s disease affects how a senior thinks, behaves and remembers information. Memory loss and problems with cognition are prevalent in older people affected by the condition. About 60 to 80 percent of dementia cases are caused by Alzheimer’s disease.
The disease progresses over time, meaning symptoms worsen over the years. Seniors in the early stages of Alzheimer’s disease can continue to perform simple tasks, like paying bills on time. But early stages of the disease can still rob an elderly individual of the ability to perform complex tasks.
Since people with Alzheimer’s disease experience cognitive limitations, many of which interfere with daily life, handling finances is expected to be problematic. Balancing a checkbook, for instance, is a major challenge for seniors living with the early stages of Alzheimer’s disease.
Recent studies show, however, that money management issues start to emerge in older adults as early as six years before a dementia diagnosis is made. In fact, making continual mistakes with financial matters can be an early indicator of Alzheimer’s disease.
Some older adults may fail to realize that they suffer from memory problems associated with dementia and continue making money management mistakes. Others, however, may grasp the severity of their cognitive decline and attempt to hide it in an effort to protect their independence.
What are signs of money management problems?
The senior may discuss money matters with friends and family with trepidation or worry. Clear signs of money problems may simultaneously erupt, such as trouble comprehending a monthly bank statement, counting change, paying for a grocery purchase, or calculating a restaurant tip.
Family members of an aging loved one with Alzheimer’s disease may suspect money management difficulties upon discovering unopened or unpaid utility bills, significant chunks of money missing from a financial account or multiple new purchases made to a credit card.
How can relatives help seniors with dementia manage money?
1. Review financial records
Relatives are urged to step in to help the senior properly manage their finances, especially when current management practices become concerning. Check financial records and bank statements regularly to see firsthand how the elderly individual is faring with their money.
If a family member is unwilling to check on the financial records, a trustee can. A trustee is someone who holds the title to the senior’s funds. Whether a relative or trustee, examining these records can help prevent the senior from becoming victim to financial fraud or abuse.
Financial independence is prized by older adults. Consequently, this pride can make it difficult for them to hand over the reins to their financial affairs. Relatives can help loved ones with Alzheimer’s disease feel in control and independent via several practical tactics.
2. Give cash
Family members might inform the senior that learning about finances with their help serves as a benefit in the immediate and long-term future. Adult children can then promote a feeling of financial independence by giving their aging parents voided checks or a few wads of cash.
3. Decrease credit card limit
Older adults diagnosed with Alzheimer’s disease are likely to miss credit card payments. Canceling credit cards or lowering the credit limit on these cards are viable options for helping them manage their money, while also allowing them to feel a certain level of independence.
4. Obtain a durable power of attorney
When money management issues become serious, legal steps may be necessary. Obtain the senior’s consent to manage money via a durable power of attorney for finances. Do this while the senior still retains cognitive health and can understand and approve the transfer of financial authority.
5. Be alert for financial fraud
Money management also means avoiding financial scams. Seniors with Alzheimer’s disease can easily become prey to shady schemes by con artists—and the fraudsters behind the scams may be friends or family members. They may commit financial fraud through email, telephone, or in-person means.
Elder scams fall under numerous guises: identity theft, insurance fraud, and health scams. Seniors may be offered fake prizes or receive offers for phony auto repairs or home maintenance. Get-rich-quick schemes are tailored to attract and dupe unwitting senior citizens.
Relatives should remain vigilant for signs of financial abuse or fraud. Look for fake signatures on checks, unauthorized changes to the senior’s will, or missing jewelry or clothes. Serious fraud also includes instances when the senior’s home is sold, but he did not agree to sell it.
Involve the police when suspecting an elderly loved one with Alzheimer’s disease has fallen victim to a financial scam. Concerned relatives can alternately contact the Area Agency on Aging office or the State consumer protection office to report the offense, and officials will conduct an investigation.
Seniors diagnosed with Alzheimer’s disease require extra support at home, especially as the disease advances. Starting compassionate memory care from Assisting Hands Home Care is a recommended course of action for families wanting to ensure their loved one remains safe and under the best care.
Home care is ideal for seniors with dementia, since they can age in place. Continuing to live in a familiar environment gives them an important sense of security. Our home care services allow seniors to remain at home for as long as possible while being fully supported.
Aging care recipients with incontinence receive discreet assistance with personal hygiene from our dementia caregivers. If the senior wanders, we guide him back to the safety of home. Our professional caregivers are trained to effectively calm agitated dementia patients with distractions.
Dementia care from Assisting Hands Home Care is comprehensive. Our nonmedical services include medication reminders, transportation, light housekeeping, and meal preparation. Choose our senior care services in Dallas, Texas, for your loved one’s needs. Call us at (214) 760-6944 today to schedule an in-home consult.
Sources:
https://www.nia.nih.gov/health/managing-money-problems-alzheimers-disease
https://www.usa.gov/state-consumer/alabama
https://www.alz.org/alzheimers-dementia/what-is-alzheimers
https://www.nia.nih.gov/news/dementia-may-cause-problems-money-management-years-before-diagnosis
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