Study finds people with dementia face new challenges of managing their finances – Stories

A study published today explores how the rise of digitization since the COVID-19 pandemic has impacted the financial management of people with dementia and their caregivers.

Researchers from the University of Liverpool surveyed people with dementia and unpaid caregivers in the UK for the study, which was published in the Journal of Dementia.

Dr. Clarissa GiebelSenior Researcher and Geriatrics Sub-Theme Head Ark NWCSaid: “People with dementia face increased digitization in managing their household finances, from paying with debit cards in stores to direct debits and managing money online. Due to the limited research on how people experience digital interfaces, a qualitative study aimed at investigating how the pandemic affects financial management skills in dementia and its impact on unpaid caregivers We did an investigation.”

The study showed that financial management is becoming simpler and more complex by digitizing how money is spent and managed. From interviews with study participants, researchers identified five themes for him.

Potential danger of losing financial management skills early on

Some caregivers retrospectively reported that their relatives began to lose the ability to manage their finances before they were diagnosed with dementia. Losing this ability without proper diagnosis can be dangerous for people with dementia and their family members who may be connected through a joint bank account. Researchers point out that it is important to ensure that caregivers are linked to online financial management to supervise and reassure them, as well as to enable people with dementia to remain financially involved as much as possible. doing.

face-to-face shopping

Despite some negative experiences, most caregivers and people with dementia feel that shopping in person improves their social life and helps them maintain established routines and independence longer. was Some people with dementia and their caregivers who feel particularly vulnerable because of other health conditions reported continuing to shop online after restrictions were lifted, but many says it will return to in-person shopping as soon as rules are eased.

Transition to digital

With the contactless transaction limit raised to £100, some saw the use of debit cards as an advantage, as it easily overcomes the need to remember and understand monetary values. People with dementia, who are particularly vulnerable due to multiple health conditions, felt safer using contactless cards than handling cash. Direct debit removes an additional layer of financial control Therefore, it is also useful for caregivers.

Caregivers were enthusiastic about supporting people with dementia with online shopping because they felt that online shopping helped them maintain independence. However, many of the elderly and elderly caregivers with this condition were not skilled at using digital platforms for shopping and banking, leading to anxiety. Therefore, in some cases, younger caregivers supported both dementia patients and older caregivers with these digital tasks. In some cases, caregivers have had to stop family members with dementia from using debit cards and bank accounts to avoid unwise financial investments.

Rapid digitization due to COVID-19

Participants highlighted how COVID-19 restrictions have accelerated the move towards digitization. Many people with dementia were vulnerable, but not everyone got priority status because they were diagnosed with dementia. As a result, we have become dependent on digital platforms to shop and process money. Many people report higher shopping costs due to their inability to buy regular brands, access cheaper products, or shop for bargains.

For some people with dementia, online shopping and banking was mostly what they did before lockdown. Being able to shop and manage money online was considered safer, especially for vulnerable people.

Impact on caregivers

Supporting relatives with a variety of financial management tasks has a significant impact on many unpaid caregivers and, alongside meal preparation, out-of-home attendance and personal care, is a major additional I am working as a caregiver. Most caregivers had some support available, particularly from admiral nurses and some dementia charities, but banks, utility companies, or other statutory organizations provided support in undertaking financial management tasks. None or very little was provided.

Dr. Clarissa Giebel, Senior Research Fellow, Geriatrics Sub-Theme Lead ARC NWC Said: “Caregivers need to be supported not only in managing their relatives’ finances from a practical point of view, but also in their general mental health and well-being by taking on additional caregiving obligations. I have. Digital systems for financial management need digital literacy training for middle-aged and older people and are easy to use for people with cognitive disabilities to avoid problems if they develop dementia. “

Kath Halpin, Unpaid Dementia Caregiver and Public Advisor Said: “My lived experience is that if someone is having trouble handling money or paying bills, this is an early sign of dementia. As a caregiver for parents with dementia , it would have been very beneficial for me personally if information related to financial management had been made more widely and easily available.

“In my view, I cannot stress enough how important it is that the recommendations are taken up and implemented. I am confident that the benefits will be immeasurable if appropriate information, education and support regarding the I hope it helps.”

This research was funded by the Standard Life Foundation. This is also an independent study funded by the National Institutes of Health Applied Research Cooperation North West Coast (ARC NWC).

Click here to read the full survey.