- Discuss money management with your family
Money can be a difficult subject to talk about, but it is important you plan how you want your finances to be managed if you become unable to look after them yourself.
- Set up a Lasting Power of Attorney (LPA)
This enables you to choose someone you trust to make decisions on your behalf about things such as paying bills and collecting income if you become unable to take those decisions.
- Speak to the local bank manager
Speak to your bank manager as soon after your diagnosis as possible. The discussion can look at extra support that may be available and ways of managing money, for example, using a signature card instead of a PIN.
- Stop junk mail and unwanted telephone calls
There are a number of ways to do this such as signing up to the Mailing Preference Service and joining the Telephone Preference Service register.
- Put a ‘no cold callers’ sign on the door
These can be obtained from the local trading standards department. Six of the major energy suppliers will not knock on doors that have a ‘no door to door salesmen’ sign on them.
How to recognise the signs- how to spot the signs of financial abuse
- Monitor bills and check bank statements
If bills are left unpaid or large sums of money have come out of a person’s account, this could be an indication that they are not managing financially or have been scammed.
- Be aware of unusual or seemingly unneeded purchases in the home
These items could have been miss-sold by unscrupulous cold callers or telesales companies.
- Look out for unexpected changes to the person’s house
This could include incomplete renovations, missing valuables or workmen visiting to carry out unnecessary work.
- Be aware of sudden new friends or acquaintances
In particular, be aware of those who the person says are inquiring about moving in, taking trips together or making joint financial commitments.
- Check that large amounts of cash are not being kept in the home
This could be a sign that the person with dementia is withdrawing large amounts of cash which will put them at unnecessary risk of theft.