Discovering your loved one has dementia is a heartbreaking moment.
So, dementia affecting finances is common.
These changes in financial behavior unsurprisingly lead to negative consequences down the line.
Low credit scores can limit a persons borrowing capacity.
Dementia affecting finances could happen to anyone, so we gathered a list of things to watch out for.
Are you struggling to cope with financial stress?
First, take a deep breath.
Then, take a look at our roundup ofresources to help you manage your stress and your money.
Signs of Dementia Affecting Finances
1.
Someone with dementia may not even realize their bill is due or that they havent paid it yet.
Still, they mayrealizethe bill is due, but no longer understand why meeting the deadline is important.
At least, thats what researchers found in a report from the Federal Reserve Bank of New York.
Sinking credit score
Did you notice your loved ones normally pristine credit score is sinking?
There may be a medical reason for that as opposed to a merely financial one.
There is likely a chain of events here.
Did your usually financially conservative loved one buy an expensive car they dont even need?
Its worth checking bank statements and financial records of your loved one if youre concerned.
Unfortunately, insurance doesnt covereverything.These resourcescan help you manage those unexpected expenses.
Missing money
Disappearing funds is another sign of dementia affecting finances.
Forgetting to budget
Other times, it may not be that money is missing.
In fact, this is one of the signs specifically referenced by aging researchers.
Bank employees also may leave notes in the accounts of customers who need special assistance.
RBC Wealth Management indicates that a change in risk profile, i.e.
someone who once had a conservative stock portfolio but now wants to go all in, is worth noting.
This can go both ways, according to OLeary.
A conservative investor could become a sudden day trader.
Or, someone who used to go all in on their stock portfolio is no longer interested.
Memory problems make it even more likely your loved one could fall victim to these scams.
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