In this engaging podcast episode, RadioEd delves into the intricate relationship between financial decision-making and cognitive health in older adults. Host Emma Atkinson interviews Dr. Eric Chess, a distinguished physician, lawyer, and professor at the University of Denver. The discussion highlights how changes in financial behavior can serve as an early warning sign for cognitive decline. Furthermore, it explores the innovative initiatives aimed at protecting elderly individuals' financial security and well-being.
Understanding Cognitive Changes Through Financial Behavior
As people age, they undergo various transformations, both positive and challenging. While aging often brings wisdom and new perspectives, it also introduces potential cognitive challenges. One significant area of concern is the impact on financial decision-making. Dr. Chess explains that alterations in how older adults manage their finances can be an early indicator of cognitive decline. This insight is crucial for early intervention and support.
Dr. Chess emphasizes the importance of recognizing subtle changes in financial habits. For instance, uncharacteristic spending patterns or difficulty managing accounts may signal underlying cognitive issues. By identifying these signs early, caregivers and family members can provide timely assistance. Moreover, understanding this connection helps in developing strategies to safeguard the financial well-being of elderly individuals. Dr. Chess's work at the Paul Freeman Financial Security Program focuses on creating tools and frameworks to detect and address these early indicators effectively.
Pioneering Solutions for Financial Protection and Cognitive Health
The Paul Freeman Financial Security Program at the University of Denver is leading the charge in addressing financial exploitation and fraud targeting older adults. Under Dr. Chess’s guidance, an interdisciplinary team of experts is working on impactful solutions. These efforts span research, education, policy development, and community outreach. The program aims to create comprehensive resources that empower older adults and protect their financial assets.
One of the key initiatives is the development of a financial vulnerability scale, which provides a standardized method to assess risk. Additionally, the program fosters collaborations with state-wide organizations to implement protective measures. Another critical aspect involves crafting legal instruments designed to safeguard financial interests. Dr. Chess underscores the significance of these endeavors in mitigating the substantial wealth transfer affecting older generations and future clients. Through innovative research and collaborative efforts, the program seeks to enhance the quality of life for aging populations while ensuring their financial security remains intact.
