Bad financial choices not always sign of dementia

Medical checkup could be needed

Is blowing your life savings on a batch of bad investments a sign of early dementia? Not necessarily, says Mary Schulz, director of education at the Alzheimer Society of Canada.

“We see people making judgments and problem-solving that is out of character. But it’s dangerous to say that this is an early sign of dementia.”

A person may hoard their money or spend their life savings on The Shopping Channel.

While this might hint at dementia, in order for there to be a diagnosis, bad or out-of-character judgment has to be accompanied by other signs, said Schulz.

“In and of itself, bad judgment is not enough to go on. There has to be a thorough medical assessment of the warning signs,” said Schulz. “Lots of people make bad financial decisions and they don’t have dementia.”

The Alzheimer Society’s list of signs to look out for includes forgetting things or struggling to retain new information; difficulty performing familiar tasks; problems with language and problems with abstract thinking — not understanding what numbers signify, for example. Signs of dementia may also include putting things in strange places, changes in personality and a loss of interest in friends, family and favourite activities.

There are other treatable conditions that can mimic dementia, including severe depression.

Cognitive problems may also be explained by a number of other illnesses, including an urinary tract infection, diabetes, silent strokes or a brain tumour, so it’s important to rule out all the other possible causes, said Schulz.

More than half a million Canadians are currently living with dementia. That number is expected to rise to 937,000 by 2031, according to the Alzheimer Society of Canada.

Dementia is not just a disease of the elderly, although age is the biggest risk factor. Assessments can be administered by a family doctor, and include simple language and problem-solving tests, said Schulz.

Meanwhile, declaring someone incompetent must be done with great care.

“Competency may fluctuate. And some people may be able to decide what to wear or where to live, but can’t manage their own money,” she said.