Even mild Alzheimer’s sparks startling decline in financial skill
Patients contending with even the mildest forms of Alzheimer’s disease (AD) show a dramatic decline in their ability to make financial decisions, adding to the burden of caregivers when it comes to elderly estate planning and fraud prevention, according to newly published research in the American Journal of Geriatric Psychiatry.
A year long trial of 55 patients with mild Alzheimer’s against 63 healthy older adults showed the mild AD group already had a 20% decline in overall financial ability compared to the control group. However, by the end of the year, the AD group had dropped 10% more – a 50% increase in the decline of skills.
Patients were assessed on a variety of financial skills, including basic monetary skills, chequebook management, bill payment and understanding a bank statement. Tasks varied from simple ones such as identifying specific coins and currency to complex ones such as preparing bills, checks and envelopes for mailing.
The Alzheimer’s group showed substantial declines in overall financial capacity – on eight of the nine financial domains and on 12 of the 18 financial tasks. Of particular concern was decline in the ability to recognise telephone or mail fraud.
“Elder fraud is a serious problem and our findings suggest that even patients with mild Alzheimer’s are at significantly increased risk for becoming victims of fraud,” said Marson.
Overall, the study found that impairment in financial skills occurs early in Alzheimer’s disease, progresses relatively rapidly over time, and includes declines in basic judgment and monetary calculation skills.
The findings underscore the importance, at the time of diagnosis, of patients with mild AD and their families promptly pursuing financial planning and transfer of financial responsibilities.
The research team noted that care giving families can be proactive at the earliest sign of Alzheimer’s by finalising trust and estate arrangements, delegating financial decision-making powers, planning for eventual financial incapacity, and providing increased supervision of existing financial activities.
