Declining Financial Capacity in Mild Cognitive Impairment: A Six-Year Longitudinal Study

Area of Science:

• Neurology
• Gerontology
• Cognitive Science

Background:

• Mild cognitive impairment (MCI) is often a precursor to Alzheimer's disease (AD).
• Financial skills are crucial for independent living and can be affected by cognitive decline.
• Understanding the trajectory of financial skill loss in MCI is vital for timely interventions.

Purpose of the Study:

• To quantify the decline in financial skills over a six-year period in individuals with MCI presumed to be due to AD.
• To compare financial skill changes between cognitively normal (CN) older adults and those with MCI.

Main Methods:

• Longitudinal study involving cognitively normal (CN) adults (n=82) and adults with MCI (n=91).
• Annual assessments over six years using the Financial Capacity Instrument (FCI) to measure financial skills.
• Mixed-model repeated measures analysis was used to examine changes in FCI scores over time, adjusted for baseline age and follow-up duration.

Main Results:

• Individuals with MCI showed significant declines across global and domain financial skill scores compared to CN individuals.
• The most pronounced declines in the MCI group were observed in complex financial domains, including financial conceptual knowledge, checkbook management, bank statement management, and bill payment.
• Annualized decline in global financial scores for the MCI group reached 22-24% at 6 years, with domain scores declining by up to 37% (Financial Judgment).

Conclusions:

• Persons with MCI exhibit substantial and progressive deterioration in various financial skills over six years.
• Financial judgment is particularly vulnerable to decline in individuals with MCI.
• The findings underscore the necessity for continuous monitoring of financial capabilities and activities by family members and healthcare professionals for individuals with MCI.