Experts are calling on older people to put safeguards on their finances before cognitive decline sets in place
04:30, 14 Apr 2026
Around 950,000 people in the UK suffer dementia, with almost one in 10 people over the age of 65 affected(Image: Getty Images)
Dementia is affecting a growing number of people across the UK, with experts warning that early financial planning is becoming increasingly important as cases continue to rise.
Around 950,000 people in the UK are currently living with dementia, with almost one in 10 people over the age of 65 affected. In Scotland, that number is 90,000, with a third of those living in residential care.
With life expectancy increasing, projections suggest the UK number will pass one million by 2030. While many people in the early stages of the condition can still manage day to day finances, experts say that cognitive decline can quickly make financial decision making more difficult.
Missed payments, forgotten accounts, and reduced judgement can leave individuals vulnerable. As a result, specialists are urging people to put safeguards in place while they still have full mental capacity.
Sangita Manek, partner at law firm Irwin Mitchell, told The Express that planning ahead can make a crucial difference. She described it as a smart act of “self-protection”.
Manek said: “There may come a point where managing your finances becomes difficult, and matters may slip out of your control. Dementia-proofing your money while you have capacity is therefore one of the smartest acts of self-protection you can take.”
She added that preparation should begin as early as possible, long before any symptoms appear. One of the simplest measures is automating regular payments. Setting up direct debits for bills, savings and credit commitments can reduce the risk of missed transactions and financial disruption if memory begins to decline.
Legal arrangements are also seen as essential. Experts advise reviewing or drafting a will to ensure assets are distributed as intended.
More importantly, setting up a Lasting Power of Attorney allows a trusted person to make decisions on finances, property and healthcare if someone loses capacity. Without it, families may face lengthy legal delays and additional costs to gain control.
Organising financial information is another key step. Keeping records in one place, alongside secure digital backups, can make it easier for family members to access important details when needed.
Manek said communication is equally important. She added: “Let your appointed attorneys and family know your intentions. Written instructions or even a short video can clarify your preferences and prevent any disputes”.
Experts also recommend simplifying finances where possible. This can include consolidating pension pots and reducing the number of accounts held.
Banks may also offer protective tools such as spending alerts, withdrawal limits and additional monitoring for vulnerable customers. Planning ahead for future care costs is another priority, whether through savings or insurance, in order to reduce financial pressure later in life.
If a dementia diagnosis has already been made, professionals stress that action should still be taken immediately. Updating or creating a will becomes a priority, particularly as more than half of people aged 50 to 64 do not currently have one.
Early planning for care funding can also help preserve choice and control. Financial institutions can provide additional safeguards once informed of a diagnosis, including tailored support services for vulnerable customers.
There may also be access to financial assistance. Checking eligibility for benefits, local authority support and adult social care services can help ease the cost of care and provide practical help with daily living.
Alexandra Milton, an estate planning expert at regional law firm Knights, said early preparation can also protect families financially. She said: “It can safeguard children’s inheritances, support vulnerable beneficiaries, and maintain a surviving partner’s standard of living.”
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: www.dailyrecord.co.uk
