Why early planning matters after a dementia diagnosis

Deanne has spent her career behind the bank counter helping customers keep their grip on their money and ward off scammers. 

In the Staying in Control episode of the Hold the Moment podcast, Deanne spoke about how people living with dementia could be particularly vulnerable to scams and financial harm.

She's seen it from both sides — years behind a bank counter and at home after her dad was diagnosed with Lewy body dementia.

She described a moment in a shopping centre where people were selling raffle tickets. 

"I'd gone to the bathroom and (when) I came out I could see Dad had his credit card out," she said. 

When Deanne asked what was happening she was told that they’d signed her father up for a year-long monthly direct debit. 

Deanne asked whether they'd checked his name. 

They hadn't — despite the fact her father couldn’t remember his own name. 

To Deanne this one wasn't a scam but a misunderstanding.

Her father would have seen a reputable charity he'd supported before and thought he was making a one-off donation. 

However, no one thought to check that he understood what he was agreeing to. 

"You can't set him up for an ongoing direct debit when he doesn't clearly know what he's signing up for," Deanne said.

She made sure the paperwork was torn up on the spot.

Spotting possible financial abuse

When it comes to spotting the signs of potential financial vulnerability and abuse, Deanne notices the small things first — customers resetting a PIN again and again, locking themselves out of internet banking or making unusual withdrawals or bitcoin transactions.

What struck Deanne was how trusting people can often become after a dementia diagnosis. 

"I don't know why but it seems in dementia people trust people more," she said.

Her advice is simple and urgent — act early. 

Get your affairs in order while you still can, name someone you trust and stay close. 

"You don't have to be someone's power of attorney to make a difference, sometimes you just need to be the family member with your finger on the pulse," she said.

What are the warning signs?

The warning signs Deanne sees at the bank are the same warning signs Robert Fitzgerald AM sees at a national level. 

As Australia's Age Discrimination Commissioner he has seen how financial abuse of older people takes hold and how often it begins with love.

"It often starts by being helpful," he said. 

“An adult child offers to manage the cards, then the internet banking. 

“Then it's the school fees, the mortgage and eventually an attitude of 'they're going to leave it to us anyway, we might as well have it now'. 

"What started off as helpful conduct ultimately becomes theft."

His safeguard costs nothing — talk. 

Tell your whole family the arrangements you've made so more than one person has eyes on them. 

Secrecy, he warned, is where abuse hides.

Deanne and Robert share their insights in Staying in Control, an episode of Hold the Moment, Dementia Australia's podcast. 

Listen wherever you get your podcasts or on the Dementia Australia website.

Looking for support?

If you're worried about someone or you want to plan ahead, the National Dementia Helpline is there 24 hours a day, 7 days a week on 1800 100 500.

For concerns about financial or other elder abuse, the Elder Abuse Phone Line 1800 ELDERHelp (1800 353 374) connects you with the service in your state or territory.

You can also find guidance on planning ahead, powers of attorney and avoiding financial abuse on the Dementia Australia website.