Finances and Dementia
A recent study by the New York Federal Reserve and Georgetown University has revealed that a person’s credit score may serve as an early warning sign of cognitive decline. The research found that credit scores often start weakening five years before a dementia diagnosis, with mortgage delinquencies typically increasing three years prior. Hosts Jessica Reyes and Patricia Wu break down the story on Psychology Behind the Headlines with guest, Meghan Arnold.
Recognizing the signs of ADRD
While not everyone in the early stages of Alzheimer’s disease and related disorders (ADRD) will experience financial difficulties, those who do face substantial changes in their delinquency levels. One year before diagnosis, average credit card balances in delinquency increase by over 50%, and average mortgage balances in delinquency are 11% higher.
Researchers hope to develop an algorithm that can predict who is likely to develop Alzheimer’s in the future, potentially offering a low-cost, scalable alternative to mass MRI screening.
Protecting your loved ones
Early diagnosis of Alzheimer’s can lead to quicker financial planning and other measures to safeguard those affected and their families. The Alzheimer’s Association offers suggestions for families dealing with loved ones experiencing financial difficulties, including discussing how a trusted person can help with bills, setting up automatic payments, and monitoring bank and credit card statements for unusual activity.
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