Regardless of age, most Americans are concerned about the aging process – either for themselves or for a loved one.
Resonate shares your concerns. I recently read an interesting article called “6 Warning Signs of Financial Decline and Better Health While Aging” by Leslie Kernisan, MD. I thought she made some important points and hope you find value on the following thoughts.
Dr. Kernisan begins by citing a study from the National Endowment for Financial Education, which was covered in the New York Times. She begins her article by sharing the key warning signs of financial decline from this study.
- Taking longer to complete everyday financial tasks
- Reduced attention to details in financial documents
- Decline in everyday math skills
- Decreased understanding of financial concepts
- Difficulty identifying risks in a financial opportunity
For each of these warning signs, the New York Times lists several specific examples (e.g. taking longer than usual to complete a check register). If you’ve had any concerns about an older person’s financial abilities, I highly recommend you use this list as a guide.
It can be found here.
Now, here are five important things Dr. Kernisan adds that we need to know about aging and financial decline.