They say an elephant never forgets, but that’s bogus. 🐘 In a recent survey of 2,000 female elephants, 99% report that male elephants frequently forget anniversaries and their mother in law’s birthdays. 🫠
OK, that's not legit at all. 😆 However a totally real study just revealed that Alzheimer's can do a doozy on personal finances, sometimes years before a diagnosis. 😰
Here’s Five Fast Facts on how Alzheimer’s can impact your finances:
- 💸 Oops, I Missed It - The study found that, a year before an Alzheimer’s diagnosis, people were 17.2% more likely to fall behind on mortgage payments. Additionally, almost 35% were likely to fall behind on credit card bills. Researchers also found evidence of people becoming delinquent on debt payments five years before diagnosis.
- 🧑💻 Don’t Click the Link - On top of missing important bills and payments, people in the early stages of Alzheimer’s are at risk of becoming a victim of scams and fraud. Please let your elderly friends know that the Nigerian prince really isn’t going to send them a million dollars.
- 👴🏻 Ages and Wages - As the nation’s population continues to age, this problem is expected to worsen. Researchers estimate a whopping 600,000 memory disorder delinquencies will occur over the next ten years.
- 🏎️ Nice New Corvette - If you’re caring for an elderly parent or family member, chances are you’ve noticed them in need of financial help. Alzheimer’s and dementia significantly impact financial decision-making. Along with missed payments, they may also make out-of-character impulse purchases or get involved in risky investments.
- 🚨 Life Alert - So what’s the solution? Researchers recommend that families keep Alzheimer’s on their radar and pay close attention to loved ones. As they reach old age, it’s a good idea to designate a power of attorney to handle important financial matters in an emergency.
🔥Bottom line: Dementia and memory disorders often feel like they come on out of nowhere. However, if you keep watch, you could stop loved ones from making financial mishaps before they spiral. Speaking of paying attention to your finances, when’s the last time you checked your credit report? If there are any errors, you want to correct them right away. We have an article all about the steps you can take if you detect any funny business.
Are you caring for a loved one with Alzheimer’s?
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