6 reasons we need dementia-friendly financial services

Our six-point action plan sets out a clear strategy for financial services to work towards a better framework for people affected by dementia.

Being able to manage our money and deal with financial services is a fundamental aspect of life. But when a person develops dementia, this can become extremely difficult and lead to feelings of lost independence.

There are currently over 850,000 people living with dementia in the UK. This number continues to rise, with another person developing dementia every three minutes. The cost of dementia is £26 billion a year (based on 2013 cost data).

Man using an ATM cash point

From our own research, we know:

  • When using a bank, 66 per cent of people with dementia need some assistance.
  • 76 per cent of people with dementia experienced difficulties when using a bank.
  • When paying bills, 70 per cent of people with dementia need assistance.
  • Of the carers we asked, 80 per cent said banks need a greater understanding of lasting powers of attorney.
  • 84 per cent of carers help people with dementia deal with the bank.

At present, there is a lack of standardisation across the financial services sector. Regulatory bodies provide guidance, but it is difficult to ensure consistency. Our new action plan for financial services provides a clear, best practice framework for people affected by dementia.

Why do we need dementia-friendly financial services?

1. To improve awareness and understanding of dementia

As dementia becomes a growing concern, we must create a society that is more understanding of how it can affect someone. We need those we interact with daily to be able to offer support and appropriate advice for those who need it most.

2. To enable effective communication between organisations and their customers

By recording the challenges of a person with dementia, a financial service can support and tailor interactions to suit needs. Individuals can interact independently with their chosen bank or financial service for as long as possible.

3. To create a supportive environment for staff

The UK statutory retirement age is rising and the number of people with dementia is expected to rise to 1 million by 2021. This means we will see many more people developing dementia whilst still in employment. Ensuring a dialogue is started with staff can improve staff retention and increase staff productivity. In addition it can encourage empathy, reduce recruitment costs, and ultimately increase revenue.

4. To ensure they are offering suitable products

Not providing suitable products can be seen as discriminatory. Some may choose to opt out of certain products, or risk rejecting their financial services and relying on others who might take advantage.

5. To spot crime, prevent fraud and financial abuse

With financial abuse continuing to rise, financial services have a duty of care to their customers. They must ensure customers are properly protected and have appropriate safeguards in place.

6. To support friends, family and carers

The time after a diagnosis of dementia can be full of uncertainty and worry, particularly when it comes to dealing with finances. Financial services can make this easier for families by offering them proper advice and signposting. This will make a real difference when they need it most.

Download the Dementia-friendly finance guide

This free resource is full of tips and advice for any size of financial service to support them becoming more dementia friendly.

Get the guide
Think this page could be useful to someone? Share it:


Add a comment

Thanks for sharing this article. I also think that it is very important to improve awareness and understanding of dementia. I also believe it is also important to secure the customers by being aware on how to avoid frauds.

This is helpful

Yes, I think that we need dementia-friendly financial services in order for us to improve awareness and understanding of dementia. This article is very informative and helpful. I'll share this to others as well.

This is helpful

Yes, I agree with what you said. I also think that we need dementia-friendly financial services. I also think that by having this, we can have can improve awareness and understanding of dementia. Thanks for sharing this article.

This is helpful

My mother has advanced dementia by father is 80 And does a wonderful job looking after mum. I am trying my best to support mum and dad when I can. Mum and dad do not claim any assistance but I feel they should as both have worked hard. How can I find out if they can claim any help.

This is helpful

Hi Paula, thank you for getting in touch and sharing your experiences. Please do contact our National Helpline team on 0300 222 1122. They'll be able to provide dementia information and advice, including info about financial assistance. More about the helpline here: https://www.alzheimers.org.uk/info/20012/helpline Thank you and all the best to you and your family.

This is helpful
Leave a comment

Your email address will not be published. Required fields are marked with *

The content of this field is kept private and will not be shown publicly.