Dementia and financial incapacity: a caregiver study

Abstract

Purpose

The purpose of this paper is to identify strategies that caregivers of people with dementia use for financial and estate planning and what advice they would give to others in their position.

Design/methodology/approach

Data were gathered via in-depth in-person interviews with 34 caregivers of individuals with dementia. Participants were asked questions about: how they financed care; the resources and people they used to help manage care and finances; and advice they would give to other caregivers.

Findings

Caregivers wished that they had done more in-depth planning regarding dementia care and financial arrangements. Participants also wished they had saved more money for care expenses or a “nest-egg.” Participants had mixed feelings about the usefulness and trustworthiness of financial advisors, but those who had elder care lawyers recommended them highly.

Research limitations/implications

It would be beneficial to reproduce this study with a larger, gender-balanced sample with a wider variety of socio-economic backgrounds.

Social implications

The advice and insight provided in this paper are useful both to dementia caregivers, who can learn from the experiences of those interviewed, and to industry professionals such as financial advisors and elder care lawyers, who may recognize from these interviews the areas in which caregivers need assistance and the services they can provide to help them navigate this disease.

Originality/value

This paper provides insights from actual caregivers about their experiences dealing with the financial aspect of dementia, an aspect of the disease that is not widely discussed.

Citation

DaDalt, O., Burstein, A., Kramer, B., D'Ambrosio, L.A. and Coughlin, J.F. (2016), "Dementia and financial incapacity: a caregiver study", Working with Older People, Vol. 20 No. 2, pp. 66-75. https://doi.org/10.1108/WWOP-07-2015-0015