For people living with dementia, managing their finances can be a difficult and overwhelming task. Unfortunately, research has consistently shown that an individual’s financial security is affected significantly by memory impairment caused by the condition.
Consequently, these individuals may find themselves unable to keep up with day-to-day financial decisions or keep bank accounts in good order. New research has found financial difficulties were even more prominent during the pandemic.
Awareness of this issue is important so that those with dementia can access the resources available to them and maintain reliable control over their financial situation.
A Digitalization Study
A new study published in the journal Dementia explored how increased digitalization since the COVID-19 pandemic has affected people with dementia and their caregivers. Researchers from the study showed that managing finances has been simplified in some respects since digitization but also complicated in how money is spent and managed. Five themes were identified in the study, including:
• The potential dangers of losing finance management skills early on
• Face-to-face shopping
• Moving to digital
• Fast-tracked digitalization due to COVID-19
• Impact on caregivers
Dr. Clarissa Giebel, senior research fellow, said, “People with dementia are facing increased digitalization when managing their finances—from paying with a debit card in shops to direct debits and managing money online. Research into how people with dementia experience this growing digital interface is limited, so our qualitative study aimed to explore how the pandemic has affected finance management skills in dementia and its impact on unpaid caregivers.”
This study clearly showed some of the downsides of the digitalization of managing money, including taking away face-to-face shopping for older adults. This small change may have big consequences for people with dementia, as in-person shopping has been found to enhance social life and help to maintain established routines and independence for longer.
With the fast-tracked advancement of digitalization, many people with dementia were also left vulnerable when using digital platforms to buy shopping or handle money. Many could not purchase their usual brands or access cheaper products, leading to higher bills.
Many older adults with dementia were not skilled in using digital platforms for banking, leading to increased anxiety. In some cases, caregivers had to prevent their relatives with dementia from using their debit or bank account to avoid unwise financial investments.
The digitalization also impacted caregivers as many had to oversee financial support alongside meal preparation, personal care, and accompanying the person outside the home. This added job caused stress among many caregivers. Banks, utility companies, and other organizations offered little support in financial management tasks.
It is important to note that if someone is having problems handling money and paying bills, it may be an early sign of dementia. Steps must be put into place to help someone who may be struggling, as financial issues can cause frustration and anxiety, leading to worsening mental health.
Enhance Cognitive Function
While some degree of cognitive impairment is nearly inevitable as you age, this study shows how other factors can take a toll on the ability of the brain to function at peak potential. This can affect memory, concentration, and overall brain function.
The Smart Pill can help to enhance cognitive function and memory through 9 ingredients that help to support, nourish, and maximize brain health. These include ginkgo biloba, huperzine A, bacopa extract, rosemary extract, and a B vitamin complex. The formulation of these ingredients is an excellent way to help fight free radicals, boost circulation, and provide nutritional support to assist with cognitive function