Forget the heart tattoo. Help Mom by knowing the early signs of financial decline.
This Motherís Day, there is something you can do for Mom and its effects will last a lifetime. Taking the time to learn how to spot the early signs of financial decline in our moms can help protect your familyís financial future before itís too late.
Did you know that women represent 72 per cent of all Canadians living with Alzheimerís disease? With the stats being so high for women, one of the best things you can do for your mom is to watch for cognitive decline, especially as she ages and becomes more dependent on others. Her financial future and well-being could depend on it!
The ability to manage financial tasks is often one of the first skills to decline in Alzheimerís and other common causes of dementia. To help moms everywhere, weíre sharing some tips on how you can spot early warning signs. When you are able to recognize them, you can take steps to help her manage her finances responsibly, or get help to protect her.
Watch for these early warning signs:
Everyday financial tasks take longer
Asks like preparing and paying bills take noticeably longer or are no longer as automatic and easy.
Less attention is paid to financial documents
Do you notice a lot of unopened mail at your momís house? She might become forgetful with bills Ė paying some multiple times and others not at all.
Decline in everyday math skills
Your mom might suddenly struggle to calculate how much to tip at a restaurant or how much the tax on an item will amount to.
Financial concepts and contracts are harder to understand
If your mom is suddenly asking for help to understand an agreement or contract that she typically would have no trouble with, she might be feeling less confident in her understanding of financial concepts and terms.
Difficulty identifying risks in a financial opportunity
Sudden, uncharacteristic purchases such as a beauty product sold door-to-door or a car thatís not suited to her needs can be a sign that sheís no longer making decisions aligned with her typical risk tolerance. You should also watch for correspondence with a new friend or pen pal.
Following these tips might lead to some difficult conversations, but it could save you a lot of grief in the future. For more information, check out our financial resources for seniors online.