Mental capacity and personal finances v1
Research type
Research Study
Full title
Mental capacity and personal finances: a qualitative study of assessment and support
IRAS ID
294519
Contact name
Alex Hall
Contact email
Sponsor organisation
University of Manchester
Duration of Study in the UK
1 years, 0 months, 30 days
Research summary
Research Summary
What happens when older adults experience difficulties in managing their money?
This research focuses on what happens when older adults experience difficulties in managing their money. It aims to determine how social care practitioners, older adults, and their families attempt to address these difficulties, and how older adults and families can be supported.
The ability to manage personal finances is one of the most important skills a person needs to be an independent member of society. It is particularly important for older adults, who in addition to managing day-to-day finances, are required to make major financial decisions associated with later life. However, the ability to manage money is highly sensitive to changes in thinking and reasoning skills, which may occur natural through ageing, or through illness. These changes are stigmatised and often hidden by families. People who struggle to manage their money are particularly vulnerable to abuse. We know very little about how older adults are supported to manage their money, either by social care professionals or by families.This is a study in Greater Manchester.
We will:
- Review the information available to guide social care professionals, older adults and their families regarding support for older adults to manage their money.
- Interview social care professionals, older adults and family members about their experiences of this issue.People will be able to take part if they are (a) a social care professional working with older adults who need support to manage their finances, or (b) an older adult (65+) or family member (18+) supporting that older adult to manage their finances.
People will be asked to take part in one interview lasting up to two hours.
This study will provide evidence for social care professionals to develop their skills, and an information resource for older adults and families help.
Summary of Results
Objectives: To find out how people working in social care and social support manage these issues, and hear from older people and their families.
Background: It is very important to be able to manage money at all ages, including in later life. Many people struggle with money management and decision making. At older ages this might be made worse through illnesses such as dementia.
Methods: We interviewed 28 professionals and 13 older people/family members. We asked them how they identified issues and what support is available. We also looked at information available to guide professionals and the public.
Key findings: Professionals and the public were often confused about legal issues and procedures regarding mental capacity and money management. Judgements about someone’s capacity to manage money tend to be made informally and through gut instinct. Roles and responsibilities around assessment and support are not clear.
Professionals often feel uncomfortable in raising the topic of money management and are reluctant to provide support to older people. Professionals often just send people to other sources of information, such as a charity or a webpage. This is viewed as helping people to make decisions for themselves. However, many people don’t have the skills to manage money themselves and don’t always know where to go for help. Managing money is very personal and emotional. The help available doesn’t always recognise this. It focuses on procedures such as how to set up Lasting Power of Attorney.
Dissemination, outputs and impact: Full report, summaries, policy briefings, research papers, presentations.
Patient and public involvement: We were supported by a public advisory group of seven people.
Conclusions and future plans: There is a need for clearer roles, responsibilities and approaches to supporting older people to manage their money. We aim to do more research with the financial services industry.REC name
Social Care REC
REC reference
21/IEC08/0020
Date of REC Opinion
3 Aug 2021
REC opinion
Further Information Favourable Opinion