Fell for a Financial Scam? Might Be Time to Test for Alzheimer's
Researchers suggest older adults who fall for financial scams may be at higher risk.
Changes in the brain linked to a risk of Alzheimer's disease may also make some older adults vulnerable to financial scams, according to new research. Alzheimer's patients can become targets for various forms of financial exploitation, according to the Alzheimer's Association. These scams include robbery, purse snatching, car theft, home repair scams, phone solicitors and even burglars.
According to the National Institute on Aging, problems managing money and with financial decision-making in general may be among the first signs of Alzheimer’s disease.
Now, the new research suggests that vulnerability to scams may emerge before Alzheimer's symptoms appear. A study at the University of Southern California’s Dornsife College examined subjects who showed no signs of clinical impairment.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Financial scam vulnerability
The researchers focused on a region of the brain that acts as a relay station between the hippocampus — the brain’s learning and memory center — and the medial prefrontal cortex, which regulates emotion, motivation and other cognitive functions. The researchers used a high-powered MRI to examine the brains of 97 study participants, ages 52 to 83, focusing on the thickness of this region, known as the entorhinal cortex. According to the researchers, thinning of the entorhinal cortex is often the first sign of changes caused by Alzheimer’s disease.
The researchers also used a standardized tool called a Perceived Financial Exploitation Vulnerability Scale to assess the participants’ financial awareness and their susceptibility to poor financial decisions, which they term “financial exploitation vulnerability,” or FEV.
Those subjects deemed more vulnerable to financial scams had a thinner entorhinal cortex, especially those aged 70 and older. Previous research has linked FEV to mild cognitive impairment, dementia and molecular brain changes associated with Alzheimer’s.
Study leader Duke Han, professor of psychology and family medicine, says the findings provide evidence supporting the idea that FEV could eventually become a new clinical tool that could be used to contribute to a broader risk profile that could help detect cognitive changes in older adults — changes that are often difficult to detect. “Assessing financial vulnerability in older adults could help identify those who are in the early stages of mild cognitive impairment or dementia, including Alzheimer’s disease,” Han says, adding that financial vulnerability alone is not a definitive indicator of Alzheimer’s disease or other cognitive decline.
Study limitations
Han also notes several limitations of the study, which was supported by grants from the National Institute of Aging. For example, the study doesn’t prove a link between entorhinal cortex thickness and FEV. Moreover, the study participants were mostly older, educated White women, and it’s not clear the findings could be applied to a broader population. Consequently, Hann suggested further research on more diverse populations is needed before FEV can be considered a reliable cognitive assessment tool.
Note: A version of this item first appeared in Kiplinger Retirement Report, our popular monthly periodical that covers key concerns of affluent older Americans who are retired or preparing for retirement. Subscribe for retirement advice that’s right on the money.
Read More
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
Elaine Silvestrini has worked for Kiplinger since 2021, serving as senior retirement editor since 2022. Before that, she had an extensive career as a newspaper and online journalist, primarily covering legal issues at the Tampa Tribune and the Asbury Park Press in New Jersey. In more recent years, she's written for several marketing, legal and financial websites, including Annuity.org and LegalExaminer.com, and the newsletters Auto Insurance Report and Property Insurance Report.
-
Medicare Drug Plans Are Getting Better Next Year. Some Will Also Cost More.
Upcoming changes to the Part D drug benefit, including a $2,000 cap on out-of-pocket medication, will benefit millions of Americans. But higher premiums may also be on the way
By Susan Jaffe | KFF Health News Published
-
The Worst Credit Cards: Is One in Your Wallet?
If you have one of the worst credit cards, it's time to replace it with a winner. We can help.
By Kathryn Pomroy Published
-
Your Guide to Open Enrollment and Health Insurance for 2025
Open enrollment starts on November 1. With health care costs on the rise, it’s critical to select a plan that fits your needs at the right price.
By Laura Petrecca Published
-
How to Maximize Your Credit Card Rewards
Your cash back, points or miles may be worth hundreds — or even thousands — of dollars each year, if you know the best ways to earn and use them.
By Laura Petrecca Published
-
How to Change Financial Advisers
Before firing your financial adviser, here are a few things to prepare for.
By Kim Clark Published
-
These Dementia-Friendly Places Welcome Alzheimer's Patients
Dementia-friendly towns, restaurants and cruises can improve the lives of people with dementia by offering experiences that ease their isolation.
By Dawn Fallik Published
-
Do You Need Umbrella Insurance?
Umbrella insurance can protect you from financially devastating events that aren't covered by other policies.
By Ella Vincent Published
-
A Modern Guide to Money Etiquette: Gifts, Tips, Splitting Bills and More
What is modern money etiquette? The customs for splitting a restaurant check, purchasing a wedding gift, tipping and more have evolved. These guidelines can help.
By Emma Patch Published
-
Want to Give Money to Your Adult Children? 10 Things You Should Know
It’s less taxing to give money to your adult children than you might think. A good plan can help you avoid certain pitfalls — and drama.
By Jeremy Greenfield Last updated
-
How to Step Confidently Into Your Life After Retirement
Retiring after decades in the work world can mean reckoning with issues related to identity and lifestyle. Here's how retirees can shed their career identities and embrace retirement.
By Sandra Block Published