People with dementia are being “let down” by both retailers and the financial services industry within the high street, with new research suggesting a review of the Lasting Power of Attorney (LPA) process is one of several changes that could aid the longevity and independence of people with dementia.
During a year-long research and innovation project, the International Longevity Centre (ILC) interviewed people with dementia and their carers, and also organised focus groups and innovation workshops with business professionals representing high street chains, the financial services industry, and the transport sector.
The ILC’s report on their findings found that access to money is vital for people with dementia, but they can face barriers to engaging with financial services; there are particular risks for people with dementia in buying financial products and services.
Those without an LPA also face significant challenges, said the ILC, and inflexible and inconsistent approaches to those with an LPA can make it hard for carers to support them effectively.
“We need to harness the potential of existing and emerging technology to make life easier for people with dementia and their carers,” said David Sinclair, Chief Executive of the ILC, continuing:
“ILC heard that for many people in the early stages of dementia, online shopping and contactless payments were often brilliant. Technology should be part of the solution, not the problem, but as one carer pointed out, too many people with dementia are ‘sitting ducks’ to financial abuse.”
The thinktank argues that if shops, banks, and leisure activities were more welcoming to people living with dementia and other cognitive impairments, the economy could be boosted by £948 million a year via spending by this group.
The report also called for a review of the LPA process which will help people with dementia enjoy their money more, while dealing with the risk of financial abuse. The government and NHS should work together with dementia experts to identify effective ways to “nudge” people towards setting up an LPA, said the ILC.
Vivienne Jackson, Programme Manager at abrdn Financial Fairness Trust, added:
“People with dementia should be able to enjoy shopping and leisure, activities we all value, without worrying about things going wrong or financial abuse. This report calls for government, retailers, and financial services to take practical action to support people with dementia to buy what they need and enjoy. In doing so, business leaders and decision-makers could significantly boost spending on the high street, and create a fairer society for all.”
