Warning signs about financial decline in older adults.
Financial decline is uncomfortable for seniors and for their families to think about. Managing money, after all, is one of the ways we maintain autonomy and control over our lives. Nobody likes to confront the fact that our ability to manage money and therefore, our finances, will someday, decline. In fact, statistics have showed that even the older adults who don’t develop dementia often experience declines in financial ability. And families are understandably uncensored about monitoring an older relative’s financial abilities. Quotes for 2019 advantage can be found at www.medicareadvantage2019.org/ and can save you money.
It is therefore important to stay abreast so that we are able to detect the red flags that precede a decline in finance and finance capabilities in the older adults we are connected to by blood, friendship and in an overall sense, care.
- Taking longer to complete everyday financial tasks
This is because their level of processing information and numbers associated with them has sort of reduced so much so that they require much more time to do what they would have otherwise done in a very short time before this condition settled in.
- Reduced attention to details in financial documents
This should be noticed in good time to avoid the consequences that could come thereafter. The reduction in attention to details is because at this point, they have a lesser concentration span as well as a compromised- in one way or the other- memory span. The things they were able to grasp in record time can now be difficult to relate or connect.
- Decline in everyday math skills
Math is an everyday discipline as it is involved in almost each and every thing we engage in on a daily basis. The older adults will however have difficulty making mathematical processes in their head. Notice that they could in the past process such figures very fast but are slower or unable now.
- Decreased understanding of financial concepts
This is another red flag seen in older adults. The fact that they are now unable to understand principle and basic financial concepts should serve as a warning for what is to come. In the past before this condition hit them, they would be very akin to understanding these facts.
- Difficulty identifying risks in a financial opportunity
This is evident in their willingness to make unwarranted and unworthy risk that have a definite promise for a terrible and harmful end. It would lead to financial paralysis and sometimes even loss of business.