Financial decision makers and dementia

Came across this article on Forbes. I’ve heard stories in the support groups about money lost due to dementia, either by errors in judgement or by bad guys taking advantage.

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A Stunning Study On Dementia, Couples And Money

“The study of Americans over 50 and their spouses between 1998 through 2008, by economists Joanne W. Hsu of the Federal Reserve Board and Robert Willis of the University of Michigan found that as cognition declines for the “financial decision maker,” money management is eventually turned over to his (or her) “cognitively intact” spouse. No surprise there.

But Hsu and Willis said that handoff from the dementia victim often doesn’t  happen until “well after difficulties handling money have already emerged” and “even after he is aware of his difficulties handling money or has even received a diagnosis of a memory-related disease.” 

The full article at http://www.forbes.com/sites/nextavenue/2014/04/30/a-stunning-study-on-dementia-couples-and-money/

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