Pensioner hoarding cash

Robisere

This reminds me of my parents, who both passed in '88 & '89. I left both the Army and a previous family in '75 and '76, began living back with parents to get back on my feet.

I was sorting out bedding in a huge old blanket chest, when I came across a package, tied up with frayed string. Curious, I unfastened the string and was shocked when a large amount of money in various denominations, fell out. Took it down to my parents and asked what they were doing with it. They had no bank account, just a Post Office book with even more money in it. Apparently mum had been socking that money away for many years, then opened the PO Savings account and promptly forgot about the wad in the blanket chest. Dad was an injured retired minern, in receipt of Industrial Benefit, NUM, NCB and State Pension. Mum had State Pension, I paid Board at a good rate. All this money paid via books, drawn in cash by mum from the Post Office. Some she paid into the PO account, but that amount grew each week as she found that they were able to live on a lot less than they were receiving in total. I called a family conference and asked my brothers, older than me, why one or both had not organised our parents finances. Basically, they handed the job to me. Then I thought of my eldest niece, who had a senior position in a local building society. We sat down with mum and dad and she outlined for her grandparents, what she could do for them with the money. She opened a current account and a Savings account at much better rates than the PO, we transferred all the cash and the PO account to these and they got a cheque book. It then became plain that my parents would not be able to handle their finances: they did not understand anything but cash money. Another family conference was called and the family once again passed all responsibility to me, which angered me, but there really was no one else interested. I also shopped, did the washing and cleaned house.

In the end, the family agreed to give me PoA and I ended up running the household finances. I hated it, but I paid all bills by cheque until the DD system began, then I set up regular payments. Through all of this, I consulted with my brothers about everything I did, the eldest beginning to suffer the cancer which killed him: the other simply wanted no responsibility at all. By this time I had met someone else and was trying to live my own life.

Many people of that generation have to be gradually and carefully taught that keeping large amounts of cash at home can be dangerous, prevents safe and secure payments, and does nothing to earn interest. Most of that generation came from a totally different world of work and simpler financial affairs. If they do not age well, and have memory issues, the problem is compounded. It becomes a problem for their families.

[Deleted User]

Does this actually happen very often nowadays? The OP's grandmother is 99, but my own Octogenarian parents are completely aware of how to use banks. Neither will use an ATM,though, but that's another story..

onomatopoeia99

Moneyineptitude wrote: »

Does this actually happen very often nowadays? The OP's grandmother is 99, but my own Octogenarian parents are completely aware of how to use banks. Neither will use an ATM,though, but that's another story..

My grandmother who died a few years ago aged well past 100 used to keep loads of cash at home. My parents are in their 80s and they use bank accounts and ATMs and don't keep a vast amount of cash around. Can't get my dad to use online banking though, still very much cheques by post.

zaax

barbarawright wrote: »

Is there a cut off date for exchanging old banknotes at a high street bank? I'm guessing these will mostly be pre-polymer style

No - all old bank notes can be exchanged
- though it might be worth more on ebay.

http://www.independent.co.uk/news/business/news/old-5-note-circulation-where-exchange-how-old-fivers-not-lose-value-legal-tender-pound-sterling-a7717836.html