World Alzheimer’s Day

Dementia can be devastating for those living with it and their loved ones. As someone’s health declines, managing finances can become increasingly challenging.

It’s why we’ve decided to highlight some of the links between debt and dementia for World Alzheimer’s Day (21 September) as well as the support that’s available.

John Hopkins University’s 2021 study

Behaviour around money could be an early indicator of the illness.

This study found a link between dementia and missed credit card payments. People with dementia tend to start missing more credit card payments and this begins as much as six years before a diagnosis.

They’re also more likely to have a lower-than-average credit score. And again, this is evident before they’re diagnosed with the condition (by up to two and a half years).

Signs someone could be struggling

It’s common for people with dementia to try to hide their financial problems. They may be scared of losing their independence or they might not realise they’re starting to struggle with money.

Dementia can impair judgement and decision-making, which can lead to poor financial choices, such as:

• not understanding what payments need to be made
• overpayments
• missing payments
• struggling to count change
• paranoia about money
• fixating on money
• making distressed purchases
• buying things that don’t meet their needs
• increased money problems and spiralling debt

It’s important to mention that this behaviour doesn’t mean someone definitely has dementia and a diagnosis doesn’t mean giving up financial independence.

With the right support, people might be able to manage their own money for longer and continue their day-to-day spending.

For example, some people with dementia can find it hard to remember their PIN, so having a ‘chip and signature’ card can help. This means using a signature instead of remembering any numbers.

Help and support

If you’ve been diagnosed with dementia and need support with your finances, we can help.

As well as giving advice on your financial situation, we’ve partnered with Alzheimer’s Society so can refer you for dementia-specific support.

Alternatively, if you want advice on the finances of a loved one suffering from dementia, around 200 vulnerable customers a month have a family member or friend talk to us on their behalf.

Find out more about the help available for people with dementia and debt worries in our guide.