The Effects of Multiple Sclerosis on Daily Money Management Activities

Background: Managing one’s own finances is an instrumental activity of daily living (IADL) crucial to independent functioning. Money management requires executive-attentional abilities such as planning, prioritizing and monitoring as well as retrospective and prospective memory. Multiple sclerosis (MS) may result in cognitive impairment including executive functioning, memory and processing speed. Therefore, it is important to understand how persons with MS manage their finances, and whether it should be addressed in rehabilitation. 

Objectives: This study includes three research questions: 1) do MS patients report more problems at managing finances than healthy controls?; 2) are executive functioning and memory impairments associated with money management?; and 3) are money management skills associated with self-report of functional status? 

Methods: Participants included 30 individuals with MS and 18 healthy controls. Participants were administered a battery of neuropsychological tests as well as a money management survey. The money management survey required participants to provide basic responses (i.e. “Never”, “Sometimes”, or “Often”)to thirteen questions about their daily money management activities. 

Results: Results approached a significant difference between the two groups on the overall score. Overall, individuals with MS reported more problems managing money than healthy controls. Participants with MS had more problems using ATM machine, and reported to have more debts. However, healthy controls reported more problems paying their bills on time compared to individuals with MS. Prospective memory and executive functions were significantly correlated with money management. Finally, the results revealed that the self-report of functional status (Functional Behavior Profile) was significantly correlated with self-reported money management skills. 

Conclusions: To our knowledge, this is the first study to examine money management in MS. Money management is an important IADL that could present problems for individuals with MS. Future research should continue to explore this topic to better understand the nature of the problem.