Early dementia often has a surprising warning sign, report says: 'Financial consequences'
What early financial signs indicate dementia?
Early financial signs of dementia include decline in credit scores, late payments, increased debt, opening new credit accounts, and using multiple types of credit. These financial issues may arise up to five years before a dementia diagnosis. Recognizing these signs can help families protect vulnerable older adults from financial risks.
How does dementia affect credit scores before diagnosis?
Dementia can cause a decline in credit scores before diagnosis due to financial mismanagement, such as late payments and increased debt. Researchers found that credit scores start weakening five years before a dementia diagnosis, and payment delinquencies rise. This financial impact can exacerbate the already substantial financial pressure households face upon diagnosis.
What financial behaviors are typical in early dementia stages?
In early dementia stages, financial behaviors may include decline in credit scores, increase in late payments, greater debt accumulation, opening new credit accounts, and using multiple types of credit. Individuals may struggle with managing investments, making decisions about large purchases, and balancing a checking account. They may also become more susceptible to financial abuse, identity theft, and fraud.