Europe UK (Commonwealth Union) – The global financial crisis, has further accelerated the requirement to better manage finances. Recent reports have indicated that senior citizens with dementia often struggle with finances and are often targeted by scammers.
A new study conducted by the University of Manchester, has noted that the support provided to elderly persons who may lack the mental capacity to handle their finances varies greatly, raising concerns with the increasing number of individuals with dementia and financial scammers becoming smarter.
The findings indicated that there are increased irregularities for practice in the support available to elderly persons to manage their finances, particularly in the absence of family to provide any help. Professionals regularly feel uncomfortable discussing money or giving any practical backing, as they lack the know how themselves, or are concerned about providing incorrect information, and getting accusations of financial abuse. Instead, they point them in the direction of other sources of information, stating that this focuses on empowering individuals to make their own decisions.
Despite these issues the researchers noted that, half of working-age adults in the UK have the numeracy skills of a primary school child demonstrating that signposting may not be beneficial for most people, particularly for those having cognitive problems.
The study further indicated that financial management was highly personal and emotional for all engaged, so individuals may be deterred to obtain assistance and fail to make rational or consistent decisions. This was not well known in the supporting information provided to the public, which gives the impression that all is clear and that it will be straightforward for those involved to agree on what is needed.
Dr Alex Hall, the lead author of the study says “This was an exploratory study designed to shed light on a topic that we know little about – the findings are of great importance to inform discussions about how best to support older people to manage money in contemporary society.”
