How do Degenerative Brain Diseases affect a person’s financial decisions?

Financially safeguarding vulnerable adults comes with its challenges. This is made more complex when your clients are diagnosed with degenerative brain diseases.

On a practical note, Parkinson’s and other degenerative brain diseases may impact a person’s life plan for their retirement. With a 12% increase (The Guardian) in older people working part-time in the UK (totalling 3.6 million and rising), a person’s diagnosis may throw these plans into question. For many, this will eventually lead to fully retiring from any form of work, meaning their reliance on budgeting will increase.

As a result, this reduction of income to a sole pension can lead to existing spending habits requiring adjustment. For those with degenerative brain diseases, their ability to recall spending and handle personal budgets can be compromised. This restriction can either lead to unaffordable debt (if not monitored by a responsible body), or can cause large amounts of stress and confusion when a purchase is disallowed or prevented.

Another factor that can affect a degenerative disease sufferer when regarding finances, is the ability to recall and remember important banking information. With an estimated 11 million people in the UK living with a neurological condition (Brain Disease UK), financially safeguarding vulnerable adults from scammers is paramount. An example of this could include not remembering which banks they have accounts with, or falling for scammers that claim their details have been compromised. Furthermore, memory issues can also impact a person’s ability to confidently and independently make purchases. Whether they have difficulty remembering their PIN, forgetting what they needed to purchase or purchasing things repeatedly, or even failing to pay important bills each month. 

Whether it’s memory, overwhelming financial processes, or the inability to independently manage their financial obligations; Cleva is the ultimate solution for financially safeguarding vulnerable adults.

How does Cleva assist with the finances of degenerative brain diseases?

Cleva puts all parties’ minds at ease with our transparent financial management solutions. Whether your business is residential living, assisted living, home care or even financial deputyship. 

• Oversight on all purchases. For clients with capacity who are able to independently spend, all card transactions can be monitored by family members and your business alike. Not only does this put your clients’ families at ease, it also allows for instant reporting and restriction adjustment if required.
• Automated loading. No overspending with Cleva! Our automated loading system allows your organisation to control when and how much each client’s wallet is allocated. Not only does this create a sense of security for all parties involved, it also means that clients who might be overwhelmed when budgeting their finances have this pressure taken away. 
• Debtless, prepaid system. Client wallets never go into overdraft and arrears – not only does this reassure families and your organisation, it also allows your clients controlled independence when spending, as all purchases are overseen and limited to your requirements.
• Carer Card Capacity. For clients who can’t independently spend, Cleva enables your carers to safely and securely make purchases on your clients’ behalves. Using the Cleva app, a Carer can select which client they would like to make a purchase for, and then use their Cleva card like a standard debit card. As well as seeing all purchases and who has made them, you can also require a receipt capture from your carers, to further protect your clients and your organisation from fraud and theft.

Webinar Announcement:

Building Trust: Eliminating Fraud & Protecting Resident Fund Integrity

Join the upcoming webinar from Care England and Cleva Card this November, to learn how to safely and efficiently manage client funds. Our panel of experts will share best practices for compliance, provide real-world examples, and offer practical tips to improve your financial processes.

Featuring insights from experts at Care England, Cleva Card, Virgin Money and more, you’ll gain invaluable, actionable advice for your care organisation. Our panel includes ex-CQC inspectors and care experts with decades of experience, making this an essential session for anyone looking to enhance the safety of their clients, staff, and organisation alike.

Join us for our webinar on November 11th at 2 PM. Please  register your interest now.