Many people with mental health problems rely on friends or family for help with managing their finances. However, this report shows that people are often struggling to get this support because the tools for sharing financial decision-making – such as Power of Attorney – are not working well for them. As a result, many people are resorting to risky activity, such as sharing bank cards and account details, which can leave both them and their carers vulnerable to fraud or legal difficulties.
The report includes a number of recommendations to ensure that people with mental health problems and their carers can share financial decision-making in a safe and effective way. It’s well worth a read if you or a family member or friend is in this situation.