An initiative of the Massachusetts Councils on Aging

Banks and Financial Services

by | Jun 4, 2019

While financial planning is essential at any stage of life, it is critical that a person with dementia evaluate their financial options early after diagnosis to determine health care and residential decisions.  Often, financial, healthcare, and advance legal planning are pursued together to ensure that the arrangements made by the individual are still honored even if or when they are no longer capable of making these decisions themselves.   Organizations such as Honoring Choices offer toolkits to navigate the challenges of financial and healthcare decisions.

In a bank or commercial setting, professionals may observe unusual behaviors exhibited by people diagnosed with or in the early stages of dementia.  Customers may struggle with regular financial transactions, paying bills, overspending, and general poor fiscal judgment.

Seniors, particularly those with dementia, are vulnerable to security fraud and financial exploitation.  When working with a client that might exhibit memory loss, identify ways in which your organization can help secure their finance options.  Consider offering specialized security fraud prevention measures, or alternative money options. If you suspect any financial abuse or fraud, inform your institution immediately.  Financial businesses should follow all laws and regulations when submitting a report.

Demantia Friendly Financial Institution Checklist

Dementia Friendly America Resources

Dementia Friendly America Bank and Financial Services Sector Video

Dementia Friendly America Financial Resources

DF America Sector Guide- Banks and Financial

Financial Planning & Security

Alzheimer’s Association- Legal and Financial Planning for Alzheimer’s Disease

Alzheimer’s Association- Money Matters Brochure

Alzheimer’s Society- Dementia Friendly Financial Services Charter

Consumer Advisory and Investor Bulletin- Planning for Diminished Capacity and Illness

Consumer Financial Protection Bureau- Managing Someone Else’s Money

National Consumer Law Center

Securities and Exchange Commission

Financial Abuse

AARP- Warning Signs of Financial Fraud and Abuse

Executive Office of Elder Affairs- Report Elder Financial Abuse

National Institute on Aging- Financial Abuse and Fraud

Preventing Elder Financial Abuse and Exploitation with Tellers

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