You may have always managed your own finances and maybe helped manage your family's too, but the onset of dementia may lead to you re-evaluate how you manage your finances. While your independence doesn’t end when dementia begins, you might want or need extra support with making financial decisions now, or set up the support you think you might need in the future.
Lasting power of attorney (LPA)
One of the ways you can plan for the support you might need in future is through setting up a Lasting Power of Attorney (LPA). LPAs give someone you choose the power to make decisions on your behalf, if you can no longer make them yourself. They cover areas such as your financial and property affairs, as well as your health and welfare.
It’s best to choose someone you trust to act as your attorney as they can act on your behalf, and in your best interests, when you can no longer make decisions.
Once registered, the LPA can be used with your permission, even if you're still able to deal with many aspects of your finances yourself. Or if your still able and confident to make your own financials decisions it can be held for when you are no longer able to do so.
Tips for making it easier to manage your money
- Set up standing orders or direct debits for regular bills and subscriptions so they’re paid on time
- Pay all your income into one bank or building society account, including pension, dividends and benefits – making it easier for you to manage your money as income is paid into one account
- Consider getting a chip and signature card – you only need supply your signature rather than having to remember a personal identification number (PIN)
- Set up a third-party mandate – this gives someone you trust access to your bank account; you can specify how much access to give (for example, a set amount for the weekly shop).
You or someone you know may be eligible to apply for an Attendance Allowance, this benefit is available to anyone that has reached state pension age, and you might be able to claim for it if you need help with personal care or supervision because of an illness or disability.
Attendance Allowance isn't means tested so it doesn't matter what other money you receive. Or how much you have in savings - there's no limit. It won't affect your state pension and you can claim for it if you're still working and earning money.
Age Concern, Citizen Advice and Gov.uk offer a lot of helpful tips and information around the benefits of an Attendance Allowance and what steps you need to follow to apply for it.
We're here to help
We’re here to help if you, or someone close to you, is worried about managing their money due to health reasons.
We’ll do all we can do to support you and will clearly explain the options available to you. All our Relationship Centres offer a private room where you can discuss any concerns with our colleagues privately and confidentially.
You can also call us on 0333 207 4007.
Our lines are open 9am - 5pm Monday to Friday (10am - 5pm Wednesday).
We're here to help
You can visit us in our Relationship Centres, or call us on 0333 207 4007. Our lines are open 9am - 5pm Monday to Friday (10am - 5pm Wednesday). Calls may be recorded and/or monitored.