How a person makes financial decisions is an everyday part of life for many people and any limitations on this has to be within the principles of the Mental Capacity Act where practically possible. When assessing someones ability to manage their own money the following things should be considered. Learn more about our services here.
Difficulties can be caused if someone is not able to perform some or all of these tasks either temporarily because of illness or impairment or more long term because of different disabilities that impact on a person’s mental functioning. Also, some people may have fluctuating mental capacity caused by a specific condition which affects what decisions they can take at different times.
In such cases, money management platforms such as DWP Appointeeship or a Deputyship Order may be required in order to support and protect an individual and please feel free to contact The Money Carer Foundation on 0800 083 0626 to discuss these and other suitable money management options.
Given the role that finances play in people’s lives, it can be difficult for the decision to be made that someone no longer has the mental capacity to manage their finances because of the impact it can have on someone’s life. Therefore assessments around mental capacity have to be carefully made.
Here is a helpful video from SCIE “Making Decisions About Money” which demonstrates a social care worker looking at whether an individual has the mental capacity to manage their finances.
The majority of people who are referred to The Money Carer Foundation will have had some form of assessment of their mental capacity to manage their finances with some people clearly lacking capacity but others who may understand broadly about their finances but need some support around this. We are able to support all types of people with their finances including those who would welcome some support around paying their bills, sorting out their welfare benefits or sorting out their unpaid bills.
Our teams seek to involve people as much as possible in their decision making about finances but at the same time fulfilling our role as Corporate Appointee ensuring that bills are paid, money is provided to the person and the DWP are kept informed about all changes that affect a person’s benefits.