Dementia is medically defined as a mild cognitive impairment that causes poor judgment and memory loss which commonly affects seniors. And though loss of memory is often associated with old age, the effects of this condition are not detected until it is too late.
Statistics indicate that 10 to 20 percent of Americans over 65 years are suffering from some sort of mild cognitive impairment and dementia is one of them. And the worse part of this is that your elder family member is now at risk of being exploited by scammers and people who are out to jeopardize their money and lose their life’s saving in the process.
Learn more about the early signs of dementia and be aware of these indicators so you will know if your parent needs financial management help.
Stay Alert And Be Aware Of These Warning Signs
Medical science states that humans over 60 years of age are expected to experience cognitive decline. In other words, your elder parent(s) will now have a hard time processing information, remembering things, and making decisions on their own. In the same way, seniors who have dementia are no longer capable of handling their finances properly and may exhibit any of these warning signs:
- Having difficulties in handling basic financial skills such as calculating change, organizing financial documents, and balancing checkbooks.
- Keeps on forgetting to pay utility bills and rent and is already in the brink of disconnection and eviction.
- Having “missing funds” on their bank accounts.
- Having an erratic behavior of withdrawing money or making unnecessary purchases.
- Accusing someone else of stealing money.
- Falling prey to scams and marketing frauds from unscrupulous individuals.
- Having issues with credit card payments.
- Having difficulties in allocating funds and is in need of financial management help from other people.
How To Thwart Financial Disaster In Seniors
The effects of dementia can be disastrous if the whole family fails to plan ahead about their elder’s financial situation. And though it may be quite difficult to bring up a topic like this considering your parent may not acknowledge their declining ability to manage money, it’s still recommended that the entire family should talk about this in order to come up with a solution that can provide the best financial management help to your senior member.
So act fast and find someone who is trustworthy enough who is capable of making smart financial decisions on behalf of your aging parent. You can try using a personal bills payment service for seniors like Silver Bills for added security and reliability.