Managing Money with Dementia: Safer Support

Money decisions affect a person’s independence and daily life. If a task becomes harder, start with that task rather than assuming someone else should take over everything. Ask the person what help they want and keep them involved.

This guide offers general information for U.S. readers. Bank options and legal rules differ by place. The Alzheimer’s Society guide to managing finances covers ways to support a person while preserving their role. The Consumer Financial Protection Bureau (CFPB) explains that informal help, trusted contacts and legal authority are different.

How can I offer help without taking over?

Ask the person what money task they would like help with. They may want to review a bill together, sort mail, remember a due date or check an unexpected request. A person may want help with some tasks and prefer to handle others.

• Ask before you act. Try, “Would you like to look at this bill together?” Give the person time to decide.
• Focus on one task. If the person agrees, review the amount, due date and payment options together. Let them make the choices they want to make.
• Make a simple record together. A short list of bills, due dates or agreed steps may help both of you see what has been handled.
• Ask the bank about its options. It may offer ways to make payments or check activity easier. Ask what each option allows before changing an account.
• Check in again later. The person’s preferences may change. Keep help limited to what they want and need now.

The CFPB describes informal support as reviewing bills and budgeting with someone while that person still authorizes transactions. That can be different from letting another person withdraw money or make payments. Do not share passwords, PINs or one-time security codes as a shortcut.

What does a trusted contact allow someone to do?

In the United States, a trusted-contact feature can let a financial institution contact someone in certain situations, such as concern about a possible scam. The CFPB says naming a trusted contact does not give that person access to the account or permission to move money. The feature may not be available in every account, so ask the bank or financial firm how it works.

Before changing account access or ownership, ask the bank and a qualified local legal professional to explain the options and risks. A diagnosis alone does not tell you which financial tasks a person can handle or what choices they want to make. Keep them part of decisions as much as they wish. If they want someone to act for them, ask how to set that up lawfully rather than using another person’s login.

What changes should I look into?

A missed bill or unusual purchase can have different explanations. It does not prove that the person is unable to manage money or that someone has exploited them. Ask what happened and, if the person agrees, look at the relevant statement or bill together.

The CFPB lists possible signs of financial exploitation, including money or property going missing, sudden unusual withdrawals, unpaid bills, unfamiliar people being added to accounts, or someone limiting the person’s calls and visits. Notice patterns and changes from what is usual for this person; do not treat one sign as proof.

If the person says money is missing, take the concern seriously. Our guide to responding to suspicion offers ways to check a concern without dismissing it. Ask the person privately what they noticed and what they want to happen next. Avoid accusing a relative, caregiver or bank worker before checking the facts. If you suspect that a trusted helper may be involved, ask a separate professional or local service for advice.

How can we reduce the risk of a scam?

Scammers may pretend to be a bank, government office, business, friend or relative. They may say there is an emergency and press for immediate payment. The Alzheimer’s Association technology-safety guide recommends pausing, checking the contact and getting support before sharing information or money.

• Pause when a message feels urgent. Do not send money or share account details while a caller or message is pressuring you.
• Check using a contact you already trust. Hang up and call the bank at the number on a recent statement or card, or use its official app. Do not use a link or number sent by the caller.
• Keep security details private. Do not send passwords, full account details or verification codes in reply to an unexpected message. The FTC advises ending an unexpected call that asks for a code and contacting the bank through a number you trust.
• Agree on support with the person. Ask whom they would like to check a surprising request with. A bank’s trusted-contact feature may help with communication, but it does not itself authorize transactions.

What should I do if money may have gone to a scammer?

Contact the bank, payment app, card issuer or company used to send the money as soon as possible. Use a number on a card or statement, or the organization’s official app or website. Ask whether it can stop or reverse the payment. The FTC’s recovery steps explain that the options depend on how the money was sent; there is no guarantee it can be recovered.

Keep messages, receipts, dates and account notices. In the United States, you can report a scam to the FTC. If you suspect a person is exploiting the older adult, the Administration for Community Living says to contact Adult Protective Services in the person’s state. If someone is in immediate danger, contact local emergency services. Outside the United States, use the local consumer-protection and safeguarding services.

Speak without blame. Scams are designed to mislead people. The CFPB’s guide to scam and fraud help lists U.S. reporting options and advises using trusted websites and phone numbers.

Where can I get help with a specific financial decision?

Ask the person’s bank what tools and permissions are available. For a legal document or a change to account ownership, speak with a qualified professional who knows the laws where the person lives. If you are concerned about possible exploitation, use a local safeguarding service. This page cannot decide what authority someone should have or whether a particular transaction is a scam.

The guide to first steps after a diagnosis can help a person and family choose a planning question to address. The family disagreement guide offers ways to discuss one concern at a time.