The Caring Corner®
Need for Dementia Friendly Financial Services Growing
Dementia-friendly financial services are vitally important for Orange County’s growing elder population. Older adults may be economically at risk due to living alone, reliance on government benefits and a disproportionate risk of falling victim to scams. Financial organizations that have gone through Dementia Friendly training in the Chapel Hill area include: Wells Fargo Bank, Investors Trust, Fidelity Bank, the State Employees Credit Union and Hamilton Point Investment Management.
In the US, about 30% (over 13 million), of non-institutionalized older adults live by themselves. In addition, for 35% of the beneficiaries, Social Security represents 90% or more of their income. This contributes to a 14% poverty rate for the elderly. Retention of financial assets is important for older adults’ financial well-being. Equally, their financial condition affects the health of future generations, as evidenced by the more than half million grandparents 65 and older who have primary care responsibility for their grandchildren.
The elderly require specialized financial management tools to help them avoid exploitation, as well as abuse by their caregivers and scammers. A conservative estimate for losses incurred by the elderly due to fraud is $3 billion per year, but some experts believe the number may be ten time that much.
Financial organizations committed to being Dementia-Friendly provide tools and services for older adults, their caregivers, and the general public.
