Lloyds launches money tips for dementia sufferers

clock

Lloyds Banking Group has launched a set of money management tips for people with dementia and their carers.

The move comes as a kick-start the group's two-year charity partnership with Alzheimer's Society and Alzheimer Scotland.

The two charities and Lloyds Banking Group plan to tackle some of the personal finance problems faced by dementia sufferers and their carers by exploring ways to make the banking sector more dementia friendly.

The initiative will sit alongside the group's Money for Life financial education programme designed to support communities with money management, including training thousands of organisations to deliver face-to-face support to vulnerable groups.

The initiative's top tips include information from arranging a power of attorney and applying for the correct benefits to organising bank accounts.

Angela Rippon, co-chair of the Dementia Friendly Communities Champion group and Alzheimer's Society ambassador said: "Dealing with finances when you are living with dementia can be a minefield. People in the early stages of the condition often feel locked out of the system, with all the many passwords and personal details they are expected to remember.

"When a carer takes over, the pressure of getting to grips with power of attorney and trying to make decisions in the best interests of a loved one can be very stressful."

Lloyds Banking Group has been working as part of the Dementia Friendly Communities Champion Group, led by the Alzheimer's Society and set up in March 2012 as a result of the Prime Minister's Challenge on Dementia.

Graham Lindsay, responsible business director at Lloyds Banking Group, said: "With 44% of people in the UK connected to someone living with dementia, we know that many of our colleagues and customers will be affected by the condition at some point in their lives."

Liz Monks, director of fundraising at Alzheimer's Society, said coping with dementia diagnosis was a lot to take in and future planning as well as immediate needs was important.

Author spotlight

Nicola Culley

More on Critical Illness

CIC knowledge gap widening: Vitality

CIC knowledge gap widening: Vitality

Nearly half of those covered not aware of claim conditions

Cameron Roberts
clock 27 March 2024 • 1 min read
Half of CIC policyholders unaware of claimable conditions: Vitality

Half of CIC policyholders unaware of claimable conditions: Vitality

Lack of awareness around Crohn’s diagnosis payout

Jaskeet Briah
clock 07 March 2024 • 2 min read
As seen on TV

As seen on TV

More focus needed on consumer CI awareness

Alan Lakey
clock 23 February 2024 • 3 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read