Banks and Financial Services
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.
Dementia 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
Securities and Exchange Commission
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