We recently read a New York Times article, Money Woes Can Be Early Clue to Alzheimer’s, as one of a series called The Vanishing Mind, that led us to look further into the subject.
What we found was a scholarly article about a 1-year longitudinal study, Declining financial capacity in mild cognitive impairment published in a 2009 issue of the journal Neurology. Sections of that article follow:
Financial capacity has emerged as a key instrumental activity of daily living in understanding functional impairment and decline in patients with mild cognitive impairment (MCI) and dementia. Financial capacity comprises a broad range of conceptual, pragmatic, and judgment abilities, ranging from basic skills, such as counting coins, to more complex skills, such as paying bills and managing a checkbook.
The capacity to manage one’s own financial affairs is critical to success in independent living. Impairments in financial skills and judgment are often the first functional changes demonstrated by patients with incipient dementia.