A story on page one of today’s New York Times explains that money woes can be an early clue to Alzheimer’s. It tells the stories of individuals who stopped paying bills, lost track of bank accounts and lost their money in what turned out to be the early stages of dementia. It also explains how legal, financial and psychological leaders are grappling with how to determine a person’s decision making capacity.
Looking back, I see that my Dad’s demise likely started with making poor financial decisions. He had been a keen business professional in the amusement industry when suddenly he began promoting a multi-level marketing company. I had never questioned my Dad’s judgment before; instead, I questioned my own skepticism. And when things didn’t pan out for him, I found flaws in the company, the market, the economy. Dad wasn’t in his right mind then. We didn’t know it, and he didn’t know it — but now I wonder if, somehow, that multi-level marketing company did…
As Dad degenerated, it turns out, he kept making donations to some of his favorite charities. Of course, as soon as he wrote one check, he would forget, and when the next request for money came, he’d write another. Even after his wife notified the charities about Dad’s condition, the groups continued to keep him on their mailing lists. I don’t want to believe they preyed upon him, but that’s what it looks like. Think about it: If you are in charge of fundraising, and you are unscrupulous, elderly people who are becoming forgetful can be goldmines.
So, I’m glad that the Alzheimer’s Association and the Financial Industry Regulatory Authority, the New York Times says, met recently “to formulate guidelines on how to deal with clients who have trouble remembering and reasoning, a problem that is not new but is increasing as the population ages.” It’s a dementia issue that has not gotten the attention it deserves.
Read The New York Times story, by Gina Kolata.