Dementia and Money Obsession: Causes and Potential Cures

Key Takeaways

• A dementia patient’s long-term memories of financial hardship and loss of control over life are what make them obsessed over money.
• You can help a dementia patient’s money obsession by being gentle and showing old checkbooks or small amounts of cash to assure them they have enough money.
• Wearing hearing aids can significantly slow cognitive decline in older adults with hearing loss, thus helping them manage their finances more effectively too.
• Nano Hearing Aids provide FDA-registered OTC devices in various designs like RIC, BTE, and CIC that can enhance sound clarity in different environments. 

Dementia is a widely observed condition among older adults. The biggest misconception about dementia is that it’s a disease - however, it’s a general term for loss of cognitive functions, such as remembering, thinking, and reasoning.

The most common dementia symptoms are loss of memory, disorientation about time and place, and misplacing things.

As people with dementia face declining cognitive function, they lose a sense of control over their own lives. As a result, additional symptoms like paranoia, delusion, and confusion are often observed. 

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You may notice dementia patients obsessing over money in several ways. The most common scenarios are claiming someone stole their money/card, calling people around them thieves, or claiming the bank has stolen their savings.

If you are a caregiver to a dementia patient, you may also face the blame often. They may try to sell their belongings while claiming they don’t have enough money, which may be unnecessary and based on their symptoms rather than their financial reality.

They might refuse to spend or try to restrict caregiver spending on necessary things such as food, utility bills, or medication.

Although money obsession in dementia patients is often seen, the exact cause is not well understood.

It’s speculated that the obsession stems from subconscious memories of long-term financial insecurity. Elders with dementia may have gone through some traumatic global financial crises, like the Great Depression, Dot-Com Bubble Burst, The Great Recession, etc. during their lifetimes.

Although dementia patients mostly have trouble with short-term memories, financial problems are rooted in their long-term memory. The memories of the hardship and paranoia experienced at previous points in life can worsen their financial obsession.

Another possible reason for a money obsession is linked to a loss of control.

Dementia makes the patients gradually lose control over most of their memories and life aspects. Our brain is wired to subconsciously think that money will help solve our problems and gain control over our lives.

In the case of the dementia patient, paranoia and delusion add to these subconscious fears and make them overly obsessed with money.

Be Gentle And Empathetic

First, understand that the person is dealing with memory loss and declining mental stability.

In a situation where they may become distressed, talk to them gently and softly - and let them know you hear their concerns. Statements like “I’m sorry that you can’t find the (checkbook/money)” or “it must be upsetting that you can’t find your checkbook/money” may help them calm down.

Offer them assistance, so they feel secure and don’t feel lonely or lost.

Show Old Checkbooks When Necessary

You can keep a few old checkbooks hidden away, showing surpluses of funds. When the patient gets worked up about money issues, calm them down by talking to them gently. Hear what they have to say. Hand them one of the old checkbooks and assure them that they have enough money and it is safe.

Give Them Small Bills 

Most dementia patients are senior citizens, and they care more about cash than cheques. You can hand them a few smaller bills, as seeing or having some cash will help them feel secure and calm.

Keep Old Bank Statements

Dementia patients often distrust the bank, complaining the bank has stolen all their money. You can gather their old bank statements for safekeeping and show those to assure them their savings are intact.

Provide a Holistic Dementia Treatment Plan

While there’s no cure for dementia, you can provide a holistic treatment plan to manage symptoms and improve quality of life for patients:

• Medications: Cholinesterase inhibitors (like donepezil) can help improve cognitive function in Alzheimer's patients. NMDA receptor antagonists (like memantine) are used for cases that are moderate to severe.
• Therapeutic Interventions: Cognitive-behavioral therapy (CBT) can help address compulsive behaviors related to money obsession by providing coping strategies.
• Lifestyle Modifications: Engaging in physical activity, maintaining a healthy diet, and encouraging social connections can reduce the risk of cognitive decline and improve overall well-being.
• Financial Management Support: It's a good idea to involve family members or professionals in managing finances to help dementia patients avoid stress and potential exploitation.

Dementia and money obsession is a tough combination to handle. It stems from a person’s long-term security/memory and fear of losing control over life. Be gentle and follow the tips mentioned above to improve the quality of life for you and your loved ones living with dementia.

Did you know hearing aids - both the OTC and prescription versions - may help you manage dementia issues?

A 2023 research published in The Lancet found that older adults who wore hearing aids experienced nearly a 50% reduction in the rate of cognitive decline over three years compared to those who did not use them. This is particularly important as cognitive decline is a major risk factor for developing dementia.

By treating hearing loss with hearing aids, it might improve one’s mental well-being and ability to make social connections, which could help to reduce any money-related obsessions too.

At Nano Hearing Aids, we provide FDA-registered OTC devices in various designs like RIC, BTE, and CIC - ideal for adults with perceived mild to moderate hearing loss. Our hearing aids are affordable and can be obtained online without a hearing test or audiologist's consultation.

One of our standout models - the Audacity® RIC - is Bluetooth enabled so that you can stream and control music and podcasts directly from your smartphone.

How many stages of dementia are there?

There are seven stages of dementia. The first three stages usually do not exhibit enough symptoms to be diagnosed, stage 4 and beyond are considered dementia. Stage 4 is ‘early dementia,’ stage 5-6 are ‘middle dementia,’ and stage 7 is ‘late dementia.’

What’s the difference between Dementia and Alzheimer’s Disease? 

Alzheimer’s disease is a progressive brain disease. It has no known cause and causes gradual impairment of memory and cognitive function. Dementia is a general term and refers to symptoms negatively impacting memory and mental stability. Alzheimer’s is the most common cause of dementia and affects about 60-80% of dementia patients.

Is dementia genetic?

No, most dementia is not genetic and cannot be passed along. Some rare cases of dementia may have a strong genetic link. But generally, children or grandchildren will not inherit dementia.

What is Nano Hearing Aids?

Nano Hearing Aids is a U.S.-based company offering affordable, FDA-registered OTC hearing aids designed for adults with mild to moderate hearing loss. Our products use advanced noise reduction technology to enhance sound quality, and are available online without a prescription.