Spotlight on inclusion: How Fintech helps people living with dementia

Managing money is a significant challenge for people with dementia, with 89 per cent of those affected experiencing difficulties on a daily basis. This struggle with finances too causes a lot of stress and worry for almost half of people living with dementia.

There are currently around 900,000 people with dementia in the UK, and this figure is expected to rise to 1.6 million by 2040. However, research also shows that more can be done to help people living with dementia manage their money safely.

In addition to physical symptoms, many people with dementia can become confused, making them vulnerable to being scammed, losing money or cards, giving away money inappropriately, or overbuying.

Typically, in the absence of an appropriate solution, the only choice for those living with dementia is often to limit or remove access to finances, severely limiting their independence and ability to enjoy everyday activities.

Sibstar is the UK’s first debit card and app designed to help people living with dementia and their families manage everyday expenses safely. That’s the idea of Jayne Sibleywhose parents both live with dementia.

Over the past nine months, the product has been tested by 65 people in the UK affected by dementia and their families. The official launch is supported by partners Alzheimer’s Society and MasterCard.

How Sibstar works

The Mastercard debit card comes with a pre-loaded balance, followed by a seamless integration with the Sibstar mobile app, compatible with both iPhone and Android devices.

Through the app, users can customize their spending preferences using features such as spending limits, ATM and online transactions, instant freezes and real-time alerts.

Users can tailor and scale the app’s solution to their changing needs, thanks to the flexible configuration that also allows them to easily switch each function. Sibstar also allows remote and immediate adjustments to money management controls.

Sibstar’s aim is to help people living with dementia manage and access their own money more securely, reducing their financial vulnerability, meaning they can remain independent and live their lives as they choose.

Partners

Kelly Devine, divisional president, Mastercard UK & Ireland, said: “At Mastercard, we believe that everyone should have access to financial services in a way that works for them, whatever their needs. Innovations in technology are making it increasingly possible to build tailored products and tools for specific needs, and Sibstar is proof of this.

“We are delighted to be working with Jayne and the team at Sibstar on this much-needed solution to make financial independence a reality for those living with dementia.”

While Colin Capperassistant director of evidence and involvement at Alzheimer’s Societyadded: “Too many people living with dementia face barriers to using financial services, leaving them with a loss of independence and vulnerable to fraud. The Alzheimer’s Society is working to make the financial sector more dementia-friendly, as well as raising awareness of the challenges it poses .

“We are delighted to have supported Sibstar through our accelerator programme, which funds innovations and inventions that we believe can change the lives of people affected by dementia.”

History of Sibstar

“One of the things about dementia is that everyone with dementia has completely different needs,” explains Jayne. “So we’ve built an onboarding process that covers all the different needs.

“As mum’s condition progressed, she began to mismanage her money. It meant that she couldn’t really understand the value of money. She spent too much on food or other things she did not need; she took out money from an ATM and gave it all away or even gave away all the nails at the nail bar. All that money that she worked hard for all her life just disappeared.

“We tried a lot of different solutions but nothing worked. So that’s when we came up with the idea for Sibstar, which was a way for people living with dementia to remain financially independent while knowing their money is safe.

“Sibstar has been very well received and our customers are happy, and that is what we set out to achieve. People tell us that we give them security and allow themselves or their family members more independence, so everyone supports what we’re trying to achieve.”