Synthetic Review of Financial Capacity in Cognitive Disorders: Foundations, Interventions, and Innovations

Milap A. Nowrangi, Gorkem Sevinc, Vidyulata Kamath

Research output: Contribution to journalReview article

Abstract

Purpose of Review: Financial capacity (FC) is a complex, multidimensional construct that changes over the lifespan and commonly becomes impaired as individuals age and develop dementia. Impaired FC results in several important negative outcomes including loss of independence and increased victimization and abuse. The goal of this review is to synthesize current knowledge of the assessment and intervention of impaired financial capacity in order to propose its further development in the context of technological advancements. Recent Findings: Current methods of assessing FC are based on conceptual foundations that include judgment, procedural, and other pragmatic skills. The neurocognitive correlates of FC include basic arithmetic skills, attention, and visual memory. These cognitive domains are presently assessed through clinical and neuropsychological evaluation as well as instruments specifically designed to assess financial capacity. Despite having a firm conceptual and neurocognitive foundation, current assessment methods of FC are limited by their ability to be flexible, individualizable, or scalable. Summary: Computer and software technologies such as artificial intelligence, virtual reality, and the internet of things are exciting tools to achieve the ultimate goal of developing measures that allow patients to maintain or support maximal independence in financial functioning. These tools will allow contemporaneous and ecologically valid assessment and would be useful to legal professionals and clinicians in determinations of financial competency and capacity. Moreover, interventions that provide safety and monitoring while allowing patients maximal autonomy of preserved financial abilities are needed.

Original languageEnglish (US)
JournalCurrent Geriatrics Reports
DOIs
StateAccepted/In press - Jan 1 2019

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Aptitude
Crime Victims
Artificial Intelligence
Internet
Dementia
Software
Technology
Safety

Keywords

  • Alzheimer’s dementia
  • Financial abuse
  • Financial capacity
  • Instrumental activities of daily living
  • Technology and dementia

ASJC Scopus subject areas

  • Geriatrics and Gerontology

Cite this

Synthetic Review of Financial Capacity in Cognitive Disorders : Foundations, Interventions, and Innovations. / Nowrangi, Milap A.; Sevinc, Gorkem; Kamath, Vidyulata.

In: Current Geriatrics Reports, 01.01.2019.

Research output: Contribution to journalReview article

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