Objective: Mild cognitive impairment (MCI) is a mental state that is characterized by cognitive deficits, which lie in a prodromal state in between normal aging and dementia. The present study sought to determine if performance on observation-based activities of daily living in financial tasks, varies within different diagnoses. Method: A total of 157 individuals composed three groups: 63 normal controls, 41 individuals diagnosed with MCI, as well as 53 diagnosed with Alzheimer's disease (AD). All participants were administered the Direct Assessment of Functional Status (DAFS), where financial skills include using complex skills such as managing a checkbook, identification and counting of currency that are measured in part of a larger test battery. Results: A multivariate analysis of covariance (MANCOVA), with education as a control, revealed overall significance across diagnoses on financial abilities, F(10,298) = 4.54, p < .001. Additionally, all sub-categories that were measured were also significant: financial total F(2,153) = 21.32, p < .001, identification of currency F(2,153) = 3.72, p = .026, counting currency F(2,153) = 13.46, p < .001, writing a check F(2,153) = 10.55, p < .001, and balancing a checkbook F(2,153) = 16.09, p < .001. Conclusion: The results of this study indicate that the ability to manage and recognize currency is significantly decreased depending upon specific diagnoses.