The most recent data reveals that approximately 402,000 seniors (over 65 ) suffer from dementia in Canada. That number converts to a prevalence of 7.1% of the senior's population.
For family members of seniors financial issues can become early warning signs for the onset of dementia.
Some of the early warning signs are:
1. Declining memory especially short-term memory loss
Example: A senior used to pay his/her personal and property taxes on time but now a family member sees late payment notices.
2. Problems with language
A senior may forget or substitute words making it more difficult to understand spoken and written language. They may also have trouble following the conversation.
3. Difficulty performing familiar tasks
Example: A senior used online banking to pay multiple bills each month. The senior now misses monthly payments or sometimes will duplicate bill payments in one month.
4. Poor or decreased judgement
A senior may dress inappropriately for cold-weather or give large gifts to someone he/she hardly knows.
5. Problems with concentration, planning or organizing
A senior may have difficulty with making decisions and identifying and solving problems.
Example: A senior withdraws an unusual sum of money one day, returns a few days later and withdraws the same amount.
A senior falls victim to a financial scam.
6. Misplacing things
A senior with dementia will not only misplace items such as keys often will place them in an unusual place.
Other early symptoms of dementia:
Disorientation to time and place, such as becoming lost in familiar places and being unable to return home.
Changes in mood and behaviour, such as rapid mood swings for no apparent reason or showing less emotion or social interaction.
Withdrawal from work or social activities such as becoming very passive, sleeping more than usual, and appearing to lose interest in hobbies the senior previously enjoyed.
Planning for the possibility of dementia should be on every senior's agenda. Appointing a power of attorney and having a plan with concrete steps, such as setting up automated bill payments and helping to reconcile banking information each month will help to reduce the stress on all parties.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
