COLORADO — Personal wealth begins to decline six years before a dementia diagnosis, according to research by Lauren Nicholas, a health economist and professor of geriatrics at the University of Colorado.

"Dementia is one of the diseases where you lose a lot of cognitive capabilities over time that are, unfortunately, closely tied to our ability to manage our own money," Nicholas said. The finding points to financial behavior as a measurable indicator that can appear well before clinical recognition of the disease.

The pattern identified in the research is illustrated by the experience of Sanda Balaban, who had not been in touch with her father for years when she visited him. In his office, Balaban observed clutter and piles of paper. She discovered credit card statements showing her father was spending thousands of dollars a month on health products and online subscriptions.

Her father had not paid income tax since 2014 and had also drained his savings.

The detection of such patterns by professionals who handle clients' finances has limits. A survey from the investment firm Fidelity shows that financial advisors did not feel comfortable raising concerns about clients' cognitive decline for fear of being wrong.

Nicholas's research adds to a body of evidence suggesting that financial decisions may reflect cognitive changes years before a formal diagnosis is made. Dementia affects cognitive capabilities over time, Nicholas noted, in ways that are tied to a person's ability to manage money. The research was conducted at the University of Colorado, where Nicholas studies the economic dimensions of aging and disease.