Money problems a sign of dementia
A new study has found that financial problems may be an early sign of dementia. Some seniors were found to have such problems many years before they were diagnosed with Alzheimer's disease, or a related condition.
Dementia is a condition in which
changes in the brain, causing potential disruptions in daily life. This includes the ability to manage bills and other finances. Researchers have been observing that when does this problem start? That's what the researchers were observing.
The team studied medical and credit information from about 80,000 adults. The subjects were over 65 years old, lived alone, and received their medical care through Medicare. The research team documented late bill payments and declines in credit scores.
They found that people who had developed dementia were more likely to be late paying their bills. Some reported that this had started six years before they were diagnosed.They were also more likely to have a credit score below 620 (known as "subprime"). This was reported to have started two and a half years before they were diagnosed.
Our study is the first to provide large-scale quantitative evidence of the medical adage that the first place to look for dementia is in the checkbook," says Dr. Lauren Nicholas of Johns Hopkins University.
"Early screening and detection, combined with financial education, are critical to protecting the financial well-being of patients and their families.
Financial Presentation of Alzheimer Disease and Related Dementias. Nicholas LH, Langa KM, Bynum JPW, Hsu JW. JAMA Intern Med. 2020 Nov 30. doi: 10.1001/ Jamainternmed.2020.6432. online ahead of print. PMID:33252621.
Summary.
The results of the study showed that people were considered to have dementia several years after they had trouble managing their finances. I don't know how many people do this because it's preventative, but I thought it was at least something that shouldn't be left to financial professionals.
One of the reasons I thought so was because I had heard of troubles where bank employees signed up for investment projects without permission, so I thought it would be better not to own assets that I could not manage by myself.
If you feel any of these signs, it might be better to get involved in a project that won't cause any trouble or give it to someone else.
