Fintech for people with dementia
Updated: May 23
Caring for a loved one with dementia can be challenging, especially when managing their finances. However, the new Sibstar debit card offers a solution by allowing caregivers to track spending and set up alerts for unusual activity. This gives peace of mind to the caregiver and the person with dementia, knowing that their money is being managed wisely and they are protected from financial abuse, while increasing independence for those with dementia. Caregivers must explore all financial management options, including consulting with a financial advisor or legal professional. By using the right tools and support, managing finances for someone with dementia can become a little easier.
Managing finances for a loved one with dementia can be challenging, but a new debit card offers a solution. Learn how this card allows caregivers to track spending and set up alerts for unusual activity, providing peace of mind and protection against financial abuse. Discover more tips for managing finances for people with dementia in our latest blog
As our loved ones age, we often become concerned about their well-being, especially if they have dementia. One of the most concerning issues is the ability to manage finances, which can lead to financial abuse, scams, and fraud. However, a new debit card has been designed to help relatives of people living with dementia monitor their spending and provide peace of mind. This article will discuss the benefits, drawbacks, and concerns associated with the new debit card.
What is the New Debit Card?
The new debit card, the Sibstar Debit Card, has been designed to help those with dementia and their caregivers manage finances. The card allows caregivers to monitor spending and track transactions in real-time, which helps prevent fraud and financial abuse.
Benefits of the New Debit Card
The new debit card provides several benefits to people living with dementia and their caregivers. One of the most significant benefits is the ability to monitor spending in real-time, which helps to prevent financial abuse and scams. Caregivers can also set up alerts for certain types of transactions, such as large purchases, to ensure that the person with dementia is not overspending.
Another benefit is the card’s easy-to-use design, specifically designed for those with dementia. The larger text and simple layout make it easier for the person with dementia to use, which can help to reduce confusion and anxiety.
Drawbacks of the New Debit Card
While the new debit card provides several benefits, there are also some drawbacks. One of the most significant drawbacks is the potential loss of independence for the person with dementia. While those who were previously unable to cope with the pressures of a traditional bank account can regain their independence with this card, those who feel independent enough to continue with complete control over their finances may feel a loss of independence.
Another potential drawback is the cost of the card. The Sibstar Debit Card has an annual fee, which may financially burden some families.
Concerns About the New Debit Card
There are also some concerns associated with the new debit card. One concern is the potential for financial abuse by the caregiver. While the card is designed to prevent financial abuse, it is still possible for a caregiver to misuse the card or engage in other forms of financial abuse.
Overall, the new debit card designed for people with dementia and their caregivers has several benefits, including real-time monitoring of spending, easy-to-use design, and fraud prevention. However, some drawbacks and concerns are associated with the card, including the potential loss of independence, cost, and financial abuse. Before deciding to use the card, it is crucial to weigh the pros and cons and discuss the decision with the person with dementia and their caregivers.
Is the Sibstar Debit Card available in all countries?
No, the new debit card is currently only available in the UK.
Can anyone apply for the Sibstar Debit Card?
No, the new debit card is only available to those with dementia and their caregivers.
How much does the Sibstar Debit Card cost?
The Sibstar Debit Card has a monthly fee of £4.99 with a 99p charge for cash withdrawals.
Can the person with dementia still use the Sibstar Debit Card independently?
Yes, the person with dementia can still use the Sibstar Debit Card independently, but their caregivers will monitor their transactions.
What happens if the Sibstar Debit Card is lost or stolen?
If the card is lost or stolen, the caregiver should report it immediately to the bank to prevent unauthorised transactions. The bank can then issue a replacement card with the same features.
Can the caregiver see all of the people with dementia's transactions?
Yes, the caregiver can see all of the transactions made with the card, but they can also set up alerts for certain types of transactions, such as large purchases or unusual spending patterns.
What happens if the person with dementia doesn't want to use the Sibstar Debit Card?
It is essential to respect the person with dementia's wishes and preferences. If they do not want to use the card, alternative options can be explored to help them manage their finances.
How does the Sibstar Debit Card compare to other options for managing finances for people with dementia?
The Sibstar Debit Card is just one option for managing finances for people with dementia. Other options include joint bank accounts, power of attorney, and financial guardianship. Discussing the options with a financial advisor or legal professional is vital to determine the best approach for each situation.