As Cognition Slips, Financial Skills Are Often the First to Go

DESCRIPTION

“Research has also shown that even cognitively normal people may reach a point where financial decision-making becomes more challenging.”  This article begins and ends with a few anecdotes regarding older individuals who have cognitive impairment and focuses on the problems of handling their finances during their cognitive decline.  The article briefly discusses fluid and crystallized intelligence issues as well.  As fluid intelligence declines as we get older, a real decrement in math and hence handling finances occurs which may then create a domino effect in the person’s life.  The article discusses the original study and offers advice as a preventive measures that may help in handling finances for the later years.

SOURCE

New York Times, April 24, 2015, Post in the “Your Money” Financial Section

LINK TO RESOURCE

http://www.nytimes.com/2015/04/25/your-money/as-cognitivity-slips-financial-skills-are-often-the-first-to-go.html?emc=edit_th_20150426&nl=todaysheadlines&nlid=38200791

(shortened URL)   http://tinyurl.com/okdfxu8

Original Source:

Declining financial capacity in mild cognitive impairment: A 1-year longitudinal study.Triebel KL1, Martin R, Griffith HR, Marceaux J, Okonkwo OC, Harrell L, Clark D, Brockington J, Bartolucci A, Marson DC., Neurology. 2009 Sep 22;73(12):928-34. doi: 10.1212/WNL.0b013e3181b87971

http://www.ncbi.nlm.nih.gov/pubmed/19770468

CLASS DISCUSSION QUESTIONS

•Begin discussion with: what is fluid intelligence? Crystallized intelligence?
•How do these change with “normal” aging?
•How do these change with neuro cognitive impairment? (dementia, altzheimer’s)
•Which abilities decline first according to the article?
•What practical solutions can be taken to protect the elderly who demonstrate this type of decline in handling financial matters?

TAGS

fluid intelligence, crystallized intelligence, aging, cognitive decline, neuropsychology and aging, finances and aging, late adulthood and cognitive issues