Q. After my uncle passed away, my cousin discovered that he had opened multiple investment accounts in the last year or so of his life. It was like he was going into the bank or making transactions every few days! It’s been a mess to sort out. My uncle was always careful with his money, but he was diagnosed with dementia before he died. Is this sort of thing common with dementia?

A. I’m very sorry to hear about your uncle’s passing. Dealing with finances after a loved one’s passing is not easy under the best of circumstances, but it’s even tougher when things feel like a puzzle. Unfortunately, your cousin is not alone. What you’re describing is something families discover after a dementia diagnosis more often than people realize.

Dementia can lead to confusion (like forgetting an account was already opened) or feelings of anxiety about money. Older adults living with dementia are also more likely to be swayed by aggressive sales tactics. These issues can start years before a person is diagnosed with dementia and can lead them to miss payments, neglect financial responsibilities, or fall victim to scams.

The AgeSpan Financial Resource program has volunteers and staff who can help older adults stay on top of their daily finances by offering friendly, supervised in-home visits across the Merrimack Valley and North Shore. They help with basic money management, such as paying bills, writing out checks, and budgeting. Director of Protective Services and Financial Resources Kelly Surette says it’s a good idea to watch for the following signs.

Unusual or excessive spending – A person living with dementia may be more likely to make impulse purchases or buy things they don’t need. This can lead to credit card debt or trouble paying bills.

Misplaced items – The person may lose their wallet, credit cards, or important documents such as bank statements.

Difficulty managing basic tasks – A person living with dementia may start having trouble understanding their bank statement, managing their checkbook, or doing basic math.

Unusual generosity – The person might start giving away money or possessions without considering the consequences. They may fall victim to scams.

Loss of money – You might find the person has been withdrawing money, opening accounts, or making transactions that they can’t explain.

If someone is struggling financially or seems to be consumed by managing their money, it could be an early sign of dementia. These signs can be subtle, so don’t be too hard on yourself or your cousin for not noticing them at the time.

If you’re currently helping a loved one manage their finances and want some extra support, AgeSpan can help. You can find more information about our Financial Resources program on our website at www.agespan.org/solutions/financial-education/

Are you caring for an older adult or need help finding healthy aging resources? Our experienced staff is available to help. Visit us online at www.agespan.org. You can also call 800-892-0890 or email info@agespan.org. 

Joan Hatem-Roy is the chief executive officer of AgeSpan, which serves the following cities and towns: Amesbury, Andover, Billerica, Boxford, Chelmsford, Danvers, Dracut, Dunstable, Georgetown, Groveland, Haverhill, Lawrence, Lowell, Marblehead, Merrimac, Methuen, Middleton, Newbury, Newburyport, North Andover, Peabody, Rowley, Salisbury, Salem, Tewksbury, Tyngsboro, Westford, and West Newbury.