Older Adults with Cognitive Issues Are Susceptible to Large Financial Losses
MedicalResearch.com Interview with:
Dr. Jing Li Jing Li, PhD Assistant Professor of Health Economics The Comparative Health Outcomes, Policy and Economics (CHOICE) Institute University of Washington School of Pharmacy MedicalResearch.com: What is the background for this study? Response: Dementia and other cognitive impairment are highly prevalent among older adults in the U.S. and globally, and have been linked to deficiencies in decision-making, especially financial decision-making. However, little is known about the extent to which older adults with cognitive impairment manage their own finances and the characteristics of the assets they manage. MedicalResearch.com: What are the main findings? Response: We found that over three quarters of U.S. older adults with dementia or cognitive impairment without dementia (CIND) are managing their own finances—estimated to be about 7.4 million individuals. Many of them report difficulty in managing finances and own large amount of risky assets such as stocks. MedicalResearch.com: What should readers take away from your report? Response: The extent to which older adults with cognitive impairment are managing their own finances is alarming, and they are potentially susceptible to large financial losses. MedicalResearch.com: What recommendations do you have for future research as a results of this study? Response: Future research should focus on designing and evaluating interventions that may help mitigate the financial risk faced by older adults with dementia and CIND, such as facilitating early financial planning, involvement of extended family members and surrogate decision-makers, and targeted financial counseling. Any disclosures? None Citation: Karlawish J. Importance of Asking Older Adults Whether They Are Having Difficulty Managing Finances. JAMA Netw Open. 2022;5(9):e2231442. doi:10.1001/jamanetworkopen.2022.31442 The information on MedicalResearch.com is provided for educational purposes only, and is in no way intended to diagnose, cure, or treat any medical or other condition. Always seek the advice of your physician or other qualified health and ask your doctor any questions you may have regarding a medical condition. In addition to all other limitations and disclaimers in this agreement, service provider and its third party providers disclaim any liability or loss in connection with the content provided on this website. Read the full article