Identifying early signs of dementia can be challenging, with memory loss often being the first noticeable symptom. However, researchers have uncovered another significant indicator that can be linked to financial matters.
According to experts from the Alzheimer’s Society, individuals may struggle with managing their finances and financial responsibilities as dementia advances. Studies have revealed a series of behavioral changes that could manifest up to five years before an official diagnosis.
Researchers from the New York Federal Reserve analyzed credit reports and medical data, discovering that in the five years leading up to a dementia diagnosis, individuals may experience a decline in their credit scores due to behaviors such as delayed bill payments, warnings, disconnection notices, and unusual spending patterns.
They highlighted that undiagnosed memory disorders can have detrimental financial consequences, adding to the financial strain faced by households post-diagnosis. The effects may include difficulties in making payments, challenges in managing new accounts and debts, variations in credit utilization, and credit composition.
A study published in JAMA Internal Medicine revealed that financial issues could be detected approximately two and a half years before a dementia diagnosis. Individuals were observed to start missing bill payments up to six years before being diagnosed, compared to those who do not develop dementia.
Additionally, a separate study published in JAMA Network Open found signs emerging up to a decade before individuals relinquished financial control due to a “loss of financial capacity.” These indicators included increased time spent at home, reduced engagement in activities, and heightened financial vulnerability.
While financial struggles do not always indicate dementia, certain behavioral changes can serve as red flags. Victoria Lyons, an Admiral Nurse at Dementia UK, emphasized that difficulties in managing money could signal early signs of dementia, as the condition affects cognitive functions related to decision-making and financial planning.
Lyons outlined five financial areas that could provide insights into potential dementia symptoms, emphasizing the need for detailed observation and professional medical assessment to confirm any cognitive decline.
Alzheimer’s UK suggests that individuals encountering financial challenges may not necessarily need to delegate financial control immediately. By providing appropriate support and accommodations, such as using alternative payment methods or setting up automated bill payments, individuals with dementia may retain some level of financial independence for an extended period.
Carers are advised to monitor financial activities closely, gradually stepping in only when necessary to ensure the financial well-being of individuals with dementia, all while respecting their autonomy and preferences.