The bank knows about your dementia

A Visa credit card sign is hanging in the window of an attractive looking shop..Forget the medical diagnosis, it seems the bank knows before anyone else when you have dementia. The first signs are not in the brain but in the bank account according to an article by Eric Chess in Statnews. It seems that impaired financial decision-making goes beyond the obvious vulnerability to scams. It shows up in things like managing credit cards and unnecessary spending. This is especially the case if spending habits begin to diverge from previous spending behaviour.

The Financial Security and Cognitive Health Initiative is developing a screening test to detect cognitive impairment early. The aim is to increase awareness of it and to enhance both cognitive and financial health. A cross-disciplinary research team has been established with several academics, the financial industry and government. 

The title of the article is, Step aside, biomarkers. Look to the bank account for early signs of dementia

The Bank of SA has trained staff to understand customers with dementia and help them manage their banking requirements.