Managing Money – Banking with Dementia

As a person’s dementia progresses, handling daily activities becomes increasingly difficult, including looking after their personal finances. You may become partly or fully responsible for managing loved ones finances, which can put a lot of mental and emotional strain on your relationships and put added pressure on looking after loved ones. In this article, find out how to assist the person in dementia care and ensure any involvement in helping them manage their money becomes a positive experience for you both. 

Talking Money

Many families shy away from the topic of money, making it increasingly difficult for loved ones to help manage finances for a person in dementia care. Only one in four families said they have discussed how their parents will be provided for as they age, according to a survey from 2014. If possible, it helps to have an open discussion about how your elders wish to have their finances and care requirements managed, should they become unable to do it themselves. Families who plan ahead, may create Lasting Power of Attorney for health and welfare, which eliminates the need to decide who will take on managing loved ones finances when that becomes a necessity. 

Knowing when to step in

It’s important that, as a carer, you keep an eye on your loved one in dementia care. Making decisions for dementia patients isn’t always easy, but it’s important you protect them from financial loss, debt or late payments. Remember that people in dementia care are more susceptible to scammers, so ensure that they aren’t making poor financial decisions or that contractors and other professionals aren’t taking advantage of their forgetfulness. You don’t always have to take away all of their personal freedoms. Identify the areas where your loved one struggles with their finances and target those in particular. Even if they need help with bills and managing money, you can still find ways of getting them involved with decision making, banking, bills and more. Giving them a small amount of cash that they can spend as they please will make them feel more financially independent and boost their confidence. 

Money tips in dementia care

There are easy ways you can help your loved one manage their money, without affecting their independence. Some people in dementia care might be making sound financial decisions, but struggle to remember details like their PIN code. Consider a bank card with chip and signature to make transactions easy to complete. Automate as many payments as possible, as this will ensure their utilities are paid on time. They may be perfectly fine paying for their own shopping and bills, but struggle with tasks like changing their electricity supplier or making decisions about investing their money. Provide help where it is needed and be flexible in adjusting to their needs and requirements. Other tips like setting up alerts for withdrawals and transactions, ensuring their account isn’t overdrawn and limiting access to credit cards and loans will help prevent financial troubles for your loved one. 

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