Following your diagnosis of dementia, you may have concerns around managing your finances. You may find it difficult to do tasks like budgeting, paying bills or understanding financial documents. These tasks may become increasingly difficult and prone to error over time.
Getting a timely dementia diagnosis allows you to plan essential financial arrangements. This might include:
• Reviewing savings, debts, pensions, insurance and future care costs.
• Seeking professional advice: your Dementia Coordinator can help signpost you to asset management support and explore your eligibility for benefits or funding.
• Setting up a Lasting Power of Attorney (LPA) or similar legal arrangements will enable a person you trust to make financial decisions on your behalf should it be necessary.
If you start to notice difficulties with managing your financial affairs, such as paying bills, or you are concerned about identifying scams, speak to a person you trust and seek help sooner rather than later. Similarly, if your family or a friend expresses concerns – perhaps about you paying a bill twice or making numerous purchases – take note and seek advice from your trusted person.
Considering the risk of financial abuse or fraud you should consider the following:
• Setting up automatic bill payments
• Monitoring accounts for unusual activity
• Limiting access to large sums of money
• Using third-party alerts on bank transactions.
Planning for your care may include financial management, and putting safeguards in place not only protects your assets but also brings peace of mind to families and caregivers. Carers should maintain clear records, communicate openly with family members and seek support when needed to avoid legal or ethical complications: managing someone else’s finances and wellbeing can be stressful.