Financial Empowerment for Family Caregivers Overview · •SAFE Program and 1:1 financial coaching...

Financial Empowerment for Family Caregivers Overview

Older Adult Nest Egg andSuccessful Aging thru Financial Empowerment

(SAFE)Peter A. Lichtenberg, Ph.D, ABPPDirector, Institute of Gerontology

Wayne State [email protected]

Overview

• Primer on Cognitive Aging and Financial Management Skills

• Challenges and Needs for Caregivers

• Older Adult Nest Egg Trainings and Scales for Caregivers https://olderadultnestegg.com

• SAFE Program and 1:1 financial coaching for caregivers

• Summary

https://olderadultnestegg.com/

Figure 1: Components of Cognitive Ability

Figure 2b: Age-Related Changes in Episodic Memory–

Adjusted

Figure 4: Cognitive Scores Over 7-Year Period for Individuals Initially Ages 70-79

Vol. 17, No.1, pp. 1-6

Cognitively healthy older adults and those with cognitive decline

• Given cognitive aging why do 95% of older adults manage debt, pay bills and maintain good credit just as well as 50 year olds?

Ans: Crystallized Intelligence (for those who have been managing finances for years).

For those taking over finances—it becomes a fluid intelligence task and not as solid in managing finances.

Now the scary part of the financial story

• Angrisani & Lee, 2019

• Health and Retirement study—longitudinal data

• Decrements in wealth linked to cognitive decline such that 10-15% decline equated to 15-18% wealth loss in 2 year period.

• 61% of sample with decrements had cognitive decline but remained untreated/diagnosed

NEARLY ONE IN FIVE(19%) ARE PROVIDINGUNPAID CARE TO AN

ADULT WITH HEALTH ORFUNCTIONAL NEEDS.**

The number of Americans providing unpaid carehas increased over the last five years.*

Caregiving in the U.S. 2020,National Alliance for Caregiving and AARP For media inquiries, contact [email protected]

*Provided care to an adult or child with special needs. **The remainder of this data is based on the 19% or 48 million caregivers caring for an adult.URL: www.aarp.org/uscaregiving

mailto:[email protected]

Who are today’s family Caregivers?



OlderAdultNestEgg.com was created to support the financial autonomyof older adults and ensure that they are protected when needed.

At the heart of this effort is Dr. Lichtenberg’s desire to empower caregiversand seniors with the information they need to advocate for themselves

and also provide access to trusted resources for support.

OlderAdultNestEgg.com

Learn, Support & Protect

Go to:

CLICK ON: For Friends & Families

GO TO: O l d e r Ad u l t N e s t E g g . c o m

PLEASE NOTE:

This website

And its resources

are free.

Online Learning

• Detecting Early Cognitive Impairment

• Detecting. Financial Mismanagement

• Managing Someone Else’s Money

• Difficult Conversations

Empower Caregivers with:

OlderAdul tNestEgg.com

Caregiver Resources

• Helpful Organizations

• Downloadable Guides

• Fraud Alerts

• Ask an Expert on Facebook

• Need a Professional Evaluation

(Downloadable Letter to Trusted Professional)

• News & Recommended Reading

• Free Education and Counseling

• Newsletter Sign-Up

(Free from Advertisements)


ONLINE

LEARNING

Holding

Difficult

Conversations

Detecting

Early Cognitive

Impairment

Detecting

Financial

Mismanagement

Managing

Someone Else’s Money


ONLINE LEARNING Link to all modules: HERE

https://www.olderadultnestegg.com/for-family-and-friends/learning/

Go at your own pace, and

learn about:

• Common mistakes

and how to avoid

them

• Why they are

difficult

• Crucial

Conversations

• 3 conversation

dangers

• The learning

conversation


Holding Difficult Conversations

DIFFICULT CONVERSATIONS• Refuse

• Deny

• Defend

• relationship damage

• cutting off all communication

• denial of a problem

RESULTING

WE NEED TO TALK

FINANCIAL

CONVERSATIONSARE HARD

WHY ARE THESE CONVERSATIONS DIFFICULT?

• Most people consider their finances private . . .

• Most people want to control their own finances . . .

• Parents often perceive more risks than benefits from discussing their finances with their children . . .

• 36% of adult children do not even know where their parents financial resources are kept.

WHY ARE THESE CONVERSATIONS DIFFICULT?

• Am I competent?

• Am I a good person, parent or child?

• Am I respected?

. . . BECAUSE IT HITS THE CORE OF WHO WE ARE!


Detecting

Early Cognitive Impairment


Detecting

Financial Mismanagement


Managing

Someone Else’s Money

MANAGING SOMEONE ELSE’S MONEY

• What is a fiduciary?

• Types of fiduciaries: • Agent Under Power Of Attorney (POA)• Court Appointed Guardians (Conservators)• Social Security Representative Payees and VA Fiduciaries

• Basic rules of fiduciaries

New: Family and Friends Questionnaire:Checking on how vulnerable your older loved one may be

Open a free secure account - If you’re on a computer click

“Sign Up” at the top right of the home page. Select “Family & Friends

Account” and “Next” in the pop up window and provide basic contact

information and will be up and running. If you are on an phone select

”menu” and scroll down to sign up.

Complete a brief training - Follow the prompts to help you get

maximum use from the Family & Friends Questionnaire. Certification

gives you unlimited access to use the questionnaire.

Complete a Family & Friends Questionnaire (FFQ) -

Complete an FFQ for a relative or friend you have concerns about or

to use as a baseline against future changes.

Get results - Your FFQ is immediately scored electronically. You'll

receive an easy-to-understand Risk Score with suggested next steps.

Download the report - Download your complete FFQ report

for your own records or to share with a relative, friend or trusted

professional.



CAREGIVER

RESOURCES

Engage with

Experts

Follow the

Institute of

Gerontology

on Facebook to

learn about

current online

events or ask

and expert a

question

Receive Alerts

View the latest

Scam Alerts and

sign up to

receive FTC

notifications.

Connect with

Organizations

Download

Resources

CAREGIVER

RESOURCES

Sign up to Receive our

Caregiver Connection

Newsletter

• Here stories from other

caregivers

• Learn about online

events

• Get remote help with

scams, fraud, identity

theft & managing money

as a caregiver

• and more

Successful Aging through Financial Empowerment

(SAFE)

SAFE Program Goals

To help victims recover their financial footing after being victims of scams and identity theft.

Assist caregivers in proper financial management of their charges assets and finances

Enhance public education around scams and identity theft through public presentations

Enhance caregiver education on Managing the Finances of their charges

All Services Virtual Due to COVID 19

Webinars

One on One Zoom/Phone Coaching

Caregiver Case Example

• Daughter had legal guardianship over mother after sister who formerly had guardianship had been found to be stealing money from mother.

• Mother was in a nursing home

• Sister, who was formerly guardian, had mother to cosign for $8000 in student loans for granddaughter.

• Contacted the Dept of Education

• Contacted the loan servicer.

• Submitted guardianship paperwork, proving mother was not in a position to make decisions for herself.

• Blocked disbursement of student loans

• Amount saved $8000

SAFE Coaching Services

Zoom and Telephone Coaching Services to address Caregiver Financial Issues

ContactLaToya Hall

[email protected]

Financial Empowerment for Family Caregivers Overview · •SAFE Program and 1:1 financial coaching...

Documents

Transcript of Financial Empowerment for Family Caregivers Overview · •SAFE Program and 1:1 financial coaching...