response for Competency for Financial Decision-Making

Individuals who suffer from traumatic brain injury (TBI) may suffer brain lesions which cause specific cognitive impairment that control inhibition and impulsivity.  Because of these impairments, it may benefit the patient to temporarily forfeit control of financial assets.  Unlike competent individuals who make poor decisions or impulsive bets, those with TBI may lack the ability to refrain from such behaviors(James, Strom, & Leskela, 2014).  I could test this using the UPPS-P Scale during an assessment which focuses on one’s urgency, perseverance, premeditation, sensation seeking habits, and positive urgency (Cyders et al., 2014).
Determining one’s financial competence based on limited information is an extremely subjective task.  Kershaw and Webber (2008) conducted a non-experimental research study to test the validity of Financial Competence Assessment Inventory (FCAI), which proved to be very accurate for those with cognitive impairment and those without.  I would use historical financial information (i.e. bank statements, savings, and investments) in order to establish a baseline, then assess the patient using the FCAI.  Regardless of previous financial history, if the he/she did not score favorably on the assessment, I would recommend that a close family member or next of kin assist in financial management
 

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