AARP Unveils Resource Hub for Financial Institutions to Better Support Consumers Facing Dementia

WASHINGTON-AARP today announced the launch of the BankSafe Dementia Hub, a comprehensive, free online platform designed to equip financial institutions with tools and resources to better serve and protect individuals and families impacted by dementia and cognitive decline. Developed as an extension of AARP's award-winning BankSafe Initiative, the immersive learning experience will enable financial professionals to identify and respond to the unique challenges that individuals experiencing cognitive decline often encounter in managing their finances.

"With nearly one in 10 older Americans currently living with dementia and a growing aging population, financial exploitation and mismanagement are critical concerns for the financial industry," said Jilenne Gunther, National Director of AARP's BankSafe Initiative.

The BankSafe Dementia Hub curates resources from across the financial industry, including videos, tip sheets, policy papers and template forms, and is designed with practical, evidence-based guidance to help institutions:

• Recognize early signs of dementia and support consumers with empathy and dignity
• Equip staff with policies and tools to assist individuals facing cognitive decline
• Implement strategies to prevent exploitation of vulnerable individuals

The Dementia Hub includes a recent AARP report, "Before the Diagnosis: Dementia's Early Financial Toll," which explores the heightened risk for personal financial losses among older adults in the pre-dementia period. The report, produced in collaboration with MIT AgeLab, discusses recent research finding that the median net worth of older adults drops by more than half in the eight years prior to a dementia diagnosis.

It's critical we understand both the root causes of these steep financial losses and the practical steps that can be taken to protect individuals and families at risk - even before people are diagnosed with dementia or Alzheimer's," said Debra Whitman, AARP Executive Vice President and Chief Public Policy Officer. "With the BankSafe Dementia Hub, we are equipping the financial industry with the tools they need to better recognize signs of dementia and intervene effectively to avoid losses and foster a safe and more compassionate financial environment for all."

Financial professionals are encouraged to explore the BankSafe Dementia Hub, the report and a new video series with global experts, and integrate these tools into their existing policies to create more inclusive and secure financial services.

More information about AARP's BankSafe Initiative can be found at aarp.org/banksafe.

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About AARP
AARP is the nation's largest nonprofit, nonpartisan organization dedicated to empowering people 50 and older to choose how they live as they age. With a nationwide presence, AARP strengthens communities and advocates for what matters most to the more than 100 million Americans 50-plus and their families: health security, financial stability and personal fulfillment. AARP also produces the nation's largest circulation publications: AARP The Magazine and AARP Bulletin. To learn more, visit https://www.aarp.org/about-aarp/, https://www.aarp.org/español or follow @AARP, @AARPenEspañol and @AARPadvocates on social media.