Staying on top of money matters when someone has Alzheimer’s or dementia can be tricky. They might forget important information like their PIN number or bank account details, or make mistakes, like forgetting to pay a bill or accidentally spending too much. People with Alzheimer’s or dementia can also be more vulnerable to scams.
Fortunately there are some simple steps you can take to help people with Alzheimer’s or dementia stay in control of their finances. Here are 5 practical tips to get you started.
1. Set up direct debits for regular bills Setting up direct debits for regular payments – for example to utility companies – makes life easier and means important bills always get paid on time.
2. Keep an eye on things Check bank statements regularly to make sure there’s nothing unusual going on. It’s a good idea to set up online banking too, so that a carer or family member can also check what’s coming in and going out, provided the person with Alzheimer’s or dementia agrees.
3. Think about registering a power of attorney This means nominating someone to help you make decisions about money and your health, or to make those decisions on your behalf. Want to know more? Find out about making and registering a lasting power of attorney.
4. Beware of scams It’s sensible to be suspicious of unexpected calls, texts or emails, especially if they’re asking for personal or financial information. Stop, take your time, and ask someone you trust before going any further. If it’s a call claiming to be from your bank, hang up. You can call the bank back using the number on the back of your debit card. Need more advice? Dementia UK has a great guide to avoiding scams.
5. Talk to your bank There are lots of ways banks can help people with Alzheimer’s and dementia manage their finances safely, including:
✔ Setting up regular payments
✔ Limiting how much money you can withdraw each day
✔ Using voice ID for telephone banking
✔ Using a mobile app to remind you if you forget your PIN
✔ Issuing a chip and signature card
To contact your bank, you can call the number on the back of your debit card, visit your local branch or contact them online.
Staying in control of finances is about working together and listening to people’s needs. It’s important that the person with Alzheimer’s or dementia feels involved in these important decisions. Here are some sources of further information.
Need more support? Contact us for advice and guidance on living with Alzheimer’s and dementia.