A new study from the University of Utah suggests that people who have a family history of Alzheimer’s are more likely to seek expert financial advice and delay retirement than those who do not have a family history of Alzheimer’s or a related dementia. Learn more about this study and why researchers believe the correlation exists.
New Study Links Family History of Alzheimer’s to Increased Financial Planning
As the Alzheimer’s epidemic continues with no real treatment or cure in sight, the economic impact is making itself known to younger people facing an increased risk of the disease. A new study from the University of Utah found that caring for a loved one for Alzheimer’s costs a family an average of $56,290 annually.
The study also found that people with a family history of Alzheimer’s are more likely to seek financial advice and postpone retirement than those without a family history of Alzheimer’s. The study, sponsored by the National Institute on Aging and submitted to the American Journal of Alzheimer’s disease & Other Dementias, concluded that study participants with a family history of Alzheimer’s were 85% more likely to seek advice from financial professionals and 40% less likely to retire before the age of 65 as compared to participants who did not have a family history of the disease.
Cost of Care Concerns Push Families to Plan More
Cathleen Zick is a professor of family and consumer studies at the University of Utah and one of the authors on the study. She, along with her colleagues Robert Mayer and Ken Smith, have been taking a closer look at the correlation between financial concerns and increased awareness of disease.
Zico believes that everyone, and especially those facing increased risk of serious disease, needs a realistic projection of financial needs in retirement and a plan to meet those needs. She states, “People with low confidence about their financial situation in retirement should be proactive and that would be a sea change in our culture.”
The same authors published a report in July 2015 in the Journal of Aging and Health stating that they believe, “It is likely that the link between family health histories and retirement confidence will intensify.”
Have you seen a link between an increased awareness of Alzheimer’s or dementia and financial planning?
- After Dementia: Financial and Legal Planning
- What to Know Before Caregiving for a Parent with Alzheimer’s
- Alzheimer’s Care and Medicare: What You Need to Know