Easing Financial Anxiety in Dementia: Compassionate Approaches

When caring for someone with dementia, it’s not uncommon for them to express persistent worries about the safety of their money. These fears often stem from past experiences of funds being misplaced or stolen, or their inability to recall recent financial transactions or changes. Given the cognitive challenges caused by dementia, explanations and rational reassurances are often not effective. Instead, caregivers need strategies that meet their loved ones where they are in their altered perception of reality.

Acknowledging Their Reality

First, acknowledge the different reality that your loved one is experiencing. Disputing their beliefs or trying to convince or correct them can lead to more confusion and distress. Instead, listen carefully to their concerns, validate their feelings, and be empathetic to their concerns and fears. Saying something like, “I can see how upset and worried you are about your money,” makes them feel heard and supported.

Creating Comforting Responses

Instead of attempting to resolve their fears through explanations or logic, offer comforting and repetitive reassurances that align with their feelings. For example, you might say, “I’ve called the bank, and I can assure you that your money is safe,” or “Thank you for letting me know your concerns. We’ll keep a close eye on your finances so no one can take your money.” These statements are straightforward and provide comfort or a resolution to a situation that concerns them.

Simplifying the Environment

To reduce anxiety and confusion, simplify the environment and routines related to their finances. For example, reduce the amount of paperwork, mail, and financial information they come across daily. Seeing fewer bank statements or bills can help reduce triggers that cause financial anxiety.

Consistent and Familiar Routines

Establishing a routine can be soothing, even if the person doesn’t remember it later. Involve them in simple, habitual financial activities that can be repeated in a similar manner, such as checking the mail together daily or reviewing a summary sheet of expenses that you create. Even if they do not retain each specific activity, the routine itself provides a sense of normalcy and involvement.

Utilizing Distraction and Redirection

When anxiety about money arises, gently redirect their attention to a different, more soothing activity. For example, you might say, “Let’s have lunch first, before we go to the bank” or “Since it’s late, let’s watch Wheel of Fortune and go to the bank first thing in the morning.” Redirecting their focus and engaging them in an enjoyable activity can alleviate their immediate concerns or fears and shift their mood.

Providing Familiar Tokens

If they are fixated on the idea of checking on their money, consider giving them a wallet with a small amount of cash or familiar financial documents to look through. This allows them to feel in control and reassured by the tangible presence of money, even if it’s just a small amount.

Discreetly Engaging Professional Guidance

If financial worries are frequent and disruptive, it might be helpful to consult with a dementia care specialist who can offer guidance tailored to your specific situation. They can provide additional strategies for managing anxiety and ensuring that your approach to care is as effective as possible, without directly involving your loved one in these consultations to avoid additional stress.

Caring for someone living with dementia requires a compassionate understanding that their reality may differ from ours. When they express fears about their financial security, the best approach is one of empathy, reassurance, and gentle redirection. Validating their feelings and offering reassuring and comforting responses can diffuse their concerns and make them feel secure and cared for, which is ultimately what they need the most.

If you need dementia caregiver support, please join my dementia support group or schedule your 30-minute consultation.