An aging adult needn’t have a neurodegenerative disease like Alzheimer’s to see cognitive change, and one of the first victims of this “cognitive aging” is the ability to manage one’s personal finances.
This issue was the focus of a recent Economist article titled “Not losing it: The elderly, cognitive decline, and banking” in the February 11, 2017 print edition of the magazine.
“Banks have been slow to respond, at first seeing these risks as purely a matter for customers. (As one manager puts it, they ‘have the liberty to make dumb financial decisions,’)” the Economist reported. “Most ‘age-friendly’ measures have focused on physical limitations (such as talking ATMs for the blind) or helping people get online. However, many banks are recognising cognitive decline as their problem, too.”
The Economist interviewed Penn Memory Center Co-Director Dr. Jason Karlawish about what he calls “whealthcare,” describing “how looking after people’s money can give insights into their health.” Learn more at whealthcare.org.
“If you do it right, I think customers will like it,” he said. “Nobody wants to lose their money and certainly not their brain.”