What Is Age-Associated Financial Vulnerability?

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Age-Associated Financial Vulnerability in Rhode Island

A report in Annals of Internal Medicine suggests age-related changes in the brain can affect a person’s ability to make financial decisions even in the absence of cognitive decline. The authors of the report refer to this phenomenon as “age-associated financial vulnerability.” Here are a few things you need to know about this condition. 

Understanding the Risk Factors

Seniors may be financially vulnerable if their behaviors result in a loss of resources and are inconsistent with how they previously managed their finances. Seniors at risk of age-associated financial vulnerability include those who: 

  • Are socially isolated
  • Have vision, hearing, or mobility impairments
  • Have progressive illnesses that cause cognitive decline
  • Take medications that affect cognitive abilities

Seniors can face a variety of challenges as they age, many of which can be mitigated with the help of professional in-home caregivers who provide high-quality home care service. Trust Home Care Assistance to help your elderly loved one age in place safely and comfortably.

Identifying the Signs

If your loved one is otherwise independent, it may be difficult to discuss financial matters. However, there are a few signs that indicate the need for such a discussion: 

  • You see stacks of unopened mail or evidence of unpaid bills 
  • Your loved one talks about participating in dubious investment or marketing schemes 
  • You notice frequent overdrafts or unusual activity in your loved one’s bank accounts 
  • Your loved one frequently talks about making donations to organizations and charities 
  • You notice your loved one engaging in gambling or other risky behaviors in the hopes of solving his or her financial difficulties 
  • Your loved one shows a decrease in math skills or the ability to understand basic financial concepts

Dementia and other types of cognitive decline can make your loved one susceptible to age-associated financial vulnerability. Aging in place can present a few challenges for seniors living with dementia. However, they can still live independently at home with the help of professional dementia care. Rhode Island families can rely on Home Care Assistance to provide their elderly loved ones with mental and social stimulation, timely medication reminders, assistance with meal prep, and much more. Our caregivers are available around the clock to help your loved one live a happier and healthier life.

How You Can Protect Your Loved One

Enlist the aid of other family members and even your loved one’s doctor when discussing the subject of financial vulnerability. There are steps you can take to protect your loved one: 

  • Add your loved one’s phone number to the National Do Not Call Registry 
  • Encourage your loved one to use caller ID and never answer calls from unknown numbers 
  • Purchase a phone for your loved one that only accepts calls from people on a preapproved contact list 
  • Remove your loved one from mailing lists by visiting the Data & Marketing Association website at DMAChoice.org or contacting the companies directly 
  • Encourage your loved one to remain physically active and socially engaged 
  • Ask to be added to your loved one’s bank and credit card accounts so you can monitor the activity 
  • Make sure your loved one has a financial power of attorney in place in the event you need to intervene

Seniors can face a variety of age-related challenges. Though some families choose to take on the caregiving duties, there may come a time when they need a trusted Rhode Island elderly home care provider. Families sometimes need respite from their duties so they can focus on their other responsibilities, and some seniors need around-the-clock assistance that their families are not able to provide. Home Care Assistance is here to help. To learn about our high-quality in-home care options, give us a call at (401) 284-0979 today.

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