In 2011 Nancy Carlson’s husband of 30 years, Barry McCool, was diagnosed with frontotemporal degeneration after showing worrying signs of cognitive decline and exhibiting uncharacteristic irresponsible behaviors. The formerly successful and highly organized professional began making and hiding poor financial decisions, and mismanaging Nancy’s career. Eventually his miscalculations and missteps resulted in the couple being forced to sell their home, their cars and other assets to pay off the debt McCool incurred.

Nancy recently granted an interview to RBC Wealth Management about how her husband’s dementia led to the loss of their life savings, as part of their series addressing what the rise of dementia might mean for your financial future. Nancy is also slated to participate in an event for RBC Wealth Management financial advisers and their clients in Minneapolis on September 5th, where she will speak candidly about her personal experience. Two volunteers will be on site to represent AFTD at this private event.

Because poor judgment and decision making when it comes to handling money is common with dementia, the financial stakes of a dementia diagnosis are extremely high. And as AFTD reported last October in our Studio sull'onere economico, the average annual costs associated with FTD are approximately $120,000 — nearly twice the amount incurred by an individual diagnosed with Alzheimer’s. Click here to learn more.