Helping a loved one with their finances

Do you need help managing a loved ones finances?

When and how to support your loved ones

How will you know when your parents or other older loved ones need help to manage their money?

Hands holding a heart

They may just ask you. But not everyone likes to ask for help. And they may not even recognise that they need your help!

If you feel you should step in, the level and type of support required will depend on the individual. Firstly, consider whether they still have the mental capacity to make their own decisions. If they don’t, you may be able to act on their behalf under a Power or Attorney (or refer to the Court of Protection if there isn’t a Power of Attorney).

If they have mental capacity, there’s balance to found between helping your loved ones to feel confident about their financial decisions, and taking on the burden yourself. 

Look out for the following signs, which may indicate that their financial skills are diminishing:

  • Struggling to pay bills on time
  • Failing to keep on top of their paperwork
  • Buying things they don’t need