By Joyce Lee
Banking and medicine are two industries that have “little in common,” but their collaboration could advance the fight against Alzheimer’s disease and related dementias, Penn Memory Center Co-Director Jason Karlawish wrote in a recent column.
The column, published in STAT News, highlighted the importance of the partnership between those who manage health and those who manage wealth in an initiative called “whealthcare.”
Advances in public health has made it possible for the average 65-year-old American to live for 19 more years. But with longer lifespans comes financial, as well as cognitive, challenges. Not only do older adults have to worry about ensuring the security of their financial future post-retirement, they also have to deal with age-related declines in memory and thinking skills.
And with the possibility of cognitive impairments caused by Alzheimer’s disease and related dementias, older adults might have to face the risk of needing long-term care and of being vulnerable to financial fraud, exploitation, and mismanagement.
A collaboration between the banking and the medical industries could change these prospects for older Americans.
“Our day-to-day use of our money provides signals of brain function that can be far more real-world and meaningful than the results of online cognitive tests and brain scans,” Dr. Karlawish wrote. “This is where the banking and financial services industries can help achieve our national “moonshot” goal of preventing Alzheimer’s disease by 2025.”