Which? How to handle your finances after a dementia diagnosis
May 1, 2025
Grace Witherden, a Money Content Editor at Which?, teams up with Victoria Lyons, an Admiral Nurse at Dementia UK, to tackle the tricky financial terrain following a dementia diagnosis. They discuss innovative banking solutions like the Sibstar account and stress the need for lasting power of attorney to safeguard finances. The conversation dives into the emotional complexities, urging families to address financial planning proactively. They also highlight modern tools for caregivers, making financial management more accessible for those impacted by dementia.
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Challenges of Dementia Finances
- Managing finances after a dementia diagnosis is challenging due to limited resources and complexities with banking access.
- Eight in 10 carers handle daily finances for loved ones, but a third face difficulties gaining authorized account access.
Doorstep Scam Spurs Action
- Alison took over her mother's finances after her mother became a victim of a doorstep scam.
- Without proper authority, the bank initially refused help, prompting Alison to get power of attorney.
Power of Attorney Is Crucial
- Get lasting power of attorney early to manage finances if capacity is lost.
- Treat it as an emergency parachute to avoid complications when immediate decisions are needed.