Identifying Early Signs of Dementia: Financial Stress as a Surprising Symptom
Bruce Robinson’s brother Pete faced a challenging battle with dementia in his late 50s, ultimately succumbing to Lewy body dementia in 2021 at the age of 59. However, the journey of Pete’s illness was marked by a surprising early symptom – financial struggles.
According to Bruce, Pete’s difficulties with numbers and financial matters were some of the first signs of his illness. “He lost his ability to understand numbers very early on,” Bruce shared. “He couldn’t use his credit card – he had to have friends who went to the cash machine and took money out for him.”
As Pete’s condition progressed, it became essential for Bruce to step in and help manage his brother’s financial affairs. Despite living in Winchester while Pete was in Bristol, Bruce was able to assist by setting up a lasting power of attorney (LPA) for finance. This legal arrangement gave Bruce the authority to make decisions on Pete’s behalf, but it was still a challenging task to navigate the complexities of managing Pete’s finances and ensuring bills and carers were paid.
The stress of financial management during Pete’s illness weighed heavily on Bruce, despite his background in private healthcare. He emphasized the importance of having plans in place to support relatives in case of such situations, highlighting the complexity and difficulty of managing finances for a loved one battling dementia.
Understanding the early signs of serious illness, such as dementia, is crucial for providing timely support and assistance. Research indicates that changes in financial behavior, like an inability to understand numbers or manage finances, can be indicative of cognitive decline. In fact, studies have shown that it may be possible to detect conditions like Alzheimer’s from a person’s banking transactions years before other symptoms manifest.
In light of these findings, it is essential for individuals to have plans in place for managing their finances in case they are unable to do so themselves. Here are some steps that can help ensure your finances are in good shape for every eventuality:
Set up an LPA
A lasting power of attorney (LPA) can be established at any time, granting others the legal authority to make decisions on your behalf. There are two types of LPAs – one for financial decisions and another for health-related choices. It is important to appoint trusted individuals to act as attorneys in these areas, ensuring that your wishes are followed even if you are unable to make decisions yourself.
Make or check your will
Having an up-to-date will is crucial for outlining your final wishes and ensuring that your assets are distributed according to your desires. Making a will early on can prevent potential challenges or disputes in the future. Free will-writing campaigns, like Free Wills Month for individuals over 55, provide opportunities to create a will with professional assistance.
Make an accessible file and share its location
Creating a comprehensive financial file with important documents, passwords, and account information can ease the burden on loved ones during challenging times. Ensuring that family members know the location of these documents can provide peace of mind and facilitate smoother financial management.
Additionally, seeking assistance from organizations like Citizens Advice, Age UK, and the Alzheimer’s Society can provide valuable support and guidance in managing finances for individuals facing cognitive decline or incapacitation. By proactively planning for the future and addressing financial concerns early on, individuals can safeguard their financial well-being and ensure that their wishes are honored.
The devastating impact of dementia underscores the importance of raising awareness and taking proactive steps to address the challenges faced by individuals and families affected by the condition. Sharing personal stories and seeking support from organizations like the Alzheimer’s Society can help create a compelling case for urgent action and support for those impacted by dementia.