Financial Behaviors and Experiences of Financial Loss in those with Alzheimer’s disease and Frontotemporal Dementia: Preliminary findings from a survey

Abstract

AbstractBackgroundOlder adults are increasingly experiencing financial loss, with annual costs estimated to be about $2.9 billion. The risk of experiencing financial loss is magnified in those with neurodegenerative conditions, including Alzheimer’s disease (AD) and Frontotemporal Dementia (FTD). However, limited information exists on the frequency and amount of money lost, and the behaviors that contribute to such loss in these conditions. The current study sought to characterize the nature of financial losses in AD and FTD, and to identify risk factors in an effort to prevent or mitigate financial loss.MethodSurvey data were collected from ten caregivers of individuals clinically diagnosed with AD or FTD recruited via the Neurodegeneration‐Associated Psychiatric Syndromes study and caregiver support groups at Columbia University Medical Center. Survey items queried demographic information, details of financial loss, level of concerns experienced by care partners and patients, and financial behaviors resulting in financial losses (Table 1).ResultCaregivers had known the patients on average for 46 years. Out of 10 patients, 6 experienced financial loss. See Table 2 for detailed results. While the same number of patients with AD and FTD lost money, those with FTD lost money more frequently and to a larger amount than those with AD. Caregivers of FTD patients expressed a higher degree of concern relative to those with AD. Moreover, most AD patients were described as being concerned about their financial ability, as compared to none of the FTD patients having concern for their financial ability. Additionally, 3 of 5 FTD patients were reported to have engaged in repetitive spending as compared to none of the AD patients.ConclusionPreliminary data indicate a high prevalence of financial loss (60%) in AD and FTD. The intensity of financial loss and related caregiver burden appears higher in FTD, with caregivers describing repetitive spending and less concern about difficulties, likely tied to the lack of insight which is a core feature of this disease. These findings can guide caregiver supervision and interventions to preserve family funds.