5 Signs Your Parents Need Help With Their Finances

5 Signs Your Parents Need Help With Their Finances

By Cameron Huddleston

November is Alzheimer’s Awareness Month. When my mother started exhibiting the early signs of Alzheimer’s, I wasn’t aware that her lapses in memory were the beginning stages of a disease that has gripped her for more than 10 years now.

In fact, I initially thought that she was asking the same questions over and over because of hearing loss from a tumor that she had behind her left ear. I didn’t want to believe that my mom was starting to lose her memory in her early 60s. That was something that happened to people who were much older, I told myself.

But one night while I was at her house, it became painfully obvious that her hearing loss wasn’t the problem.

My mom asked me if I wanted to see a new bench she had bought for her patio. We went outside, looked at the bench, then went back in and started talking. Within a few minutes, she asked, “Do you want to see the new bench I got for my patio?” My heart sank.

According to the Alzheimer’s Association, every 65 seconds someone in the U.S. develops Alzheimer’s disease. As I learned, the early signs of the disease can be easy to miss.

However, it’s so important not to write off the lapses in a parent or loved one’s memory as just part of the aging process. That’s because Alzheimer’s and dementia can lead to problems managing money and making financial decisions.

Certainly, you don’t want to see your parents put themselves into financial dire straits or become victims of financial fraud. But these scenarios could easily become reality if you don’t recognize the signs that your parents need help with their finances. Here are five red flags that dementia could be affecting your parents’ ability to manage their money.

They’re Getting Lots of Donation Requests

When visiting with your parents, pay attention to their mail. Is it full of donation requests, sweepstakes entry forms and other solicitations? Do you see numerous “thank you” gifts from organizations around their house – calendars, notepads, pens, stickers, mailing address labels?

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