Digital Friendly Financial Services: Lasting Power of Attorney and The Caregiver Burden
Project Background
It is estimated one in three of UK adults will develop dementia and that one in nine adults will become caregivers (Alzheimer’s Society, 2018). Dementia symptoms can cause financial hardship through missed bills and inability to access online and offline channels and to help others, most likely close family, can be granted lasting power of attorney for finance and property (LPA F&P). A lasting power of attorney finance and property (LPA F&P) agreement enables an individual to appoint named others to assist with or manage their finances. However, whilst an LPA F&P provides vital support and reassurance for those living with dementia it can also prove to be an additional burden of care for family members who are charged with making important financial decisions.
The project seeks to understand how and when UK financial services operate to support or frustrate the use of a lasting power of attorney, finance and property (LPA F&P) by close family and the impact upon the caregiver burden. This study is an important addition to research due to its focus on formal family-based arrangements and its inclusion of supportive arrangements. Current understanding is limited to the perspectives of paid care staff, patterns of financial abuse and patterns of only informal arrangements amongst family and friends (Arksey et al 2008).
The project gathers data from 20 family members who hold an LPA (F &P) for individuals who are living with dementia. Participants will be asked to share information on the extent of financial management, the various channels used, examples of positive and negative experiences and to suggest areas for improvement. In addition, participants will also be asked about the impact that Covid-19 upon their use of LPA F&P.
Research Questions
There are three research objectives:
- To understand the financial management challenges and knowledge needs of family caregivers of those living with dementia across different financial product categories and processes and with a focus on how the challenges differ according to family relationship.
- To identify a range of circumstances where practices and procedures of financial services providers support or reduce effective LPA F&P use.
- To understand the positive and negative impact of financial services procedures upon the caregiver themselves and upon the wider care environment
Project Lead
Co-investigator
Professor Tina Harrison - University of Edinburgh, Business School