Daily Money Management - Supporting older people to manage their financial affairs: a practical approach to protect older people from financial exploitation

Project Summary

The Centre for Policy on Ageing has been funded by the Nationwide Foundation Investor Programme to establish a small number of pilot 'Daily Money Management' programmes in the UK.

The focus of our work will be to investigate in detail the daily money management (DMM) programmes that operate in the US, examine the feasibility of establishing a similar programme in the UK and establish up to three pilot project to identify pitfalls and lessons to be learnt. The work will also raise awareness of financial abuse, encourage practitioners to share experiences and learning to promote and sustain good practice and develop a practical way of helping older people improve their financial capability and avoid financial abuse. In view of the level of interest in financial and material abuse this innovative project offers a unique opportunity to influence policy makers in a way that will benefit older people, and their lives, and make a positive contribution to both local and national policy and service provision.

The overall objectives of the project will be

• To develop a practical, sustainable, way of helping older people avoid financial abuse to promote change for the better and improve their quality of life by removing the fear of financial exploitation.
• To establish a small number (1 - 3) of working sustainable daily money management schemes (pilot projects) in the UK.
• To increase awareness and understanding of financial abuse.
• To share good practice, experiences and learning in order to detect and prevent financial abuse.

As the project progresses, news, lessons learned and useful documentation will be posted here.

This project is funded by the Nationwide Foundation.