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Decline In Financial Literacy Comes With Age

With aging, there is a decline in financial literacy, as well as with health literacy, says Dr. Tarek Rajji, of the Centre for Addiction and Mental Health and the recipient of the largest Canadian grant to date ‒ approximately $10 million ‒ for the prevention of Alzheimer’s disease. Speaking at the ‘2014 Ontario Bar Association Award for Excellence in Pensions & Benefits Law Dinner’ ‘Mental Health: Why it matters to the financial security of an aging population,’ he said there could be a number of reasons for the relationship between age and health and financial literacy. With age, he said, there is a decline in memory, problem solving, and decision-making which could all impact the financial and health literacy of a senior. He also talked about the research he is doing on mitigating the impact of Alzheimer’s disease and dementia. For example, he said there is a strong link between the disease and depression. Anyone who develops depression at in any time in their life doubles the risk of developing Alzheimer's. If depression is suffered during their 70s, the chances quadruple. Other factors are smoking, social activity or engagement, physical activity, cognitive activity, and managing metabolic problems such as diabetes. If any of these can be modified, the onset of dementia can be delayed and even reduced.

Courtesy of 
Benefits and Pensions Monitor website News Alerts 

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