Money management in old age

fred246

My parents had everything on direct debit. Even their credit card had the whole balance taken by direct debit. I remember being relieved when they were admitted to hospital. Everything was done automatically. The only thing was they accumulated a lot in their current account instead of moving it into their savings account which paid 0.01% interest.

missile

Sensible parents

Farway

fred246 said:

My parents had everything on direct debit. Even their credit card had the whole balance taken by direct debit. I remember being relieved when they were admitted to hospital. Everything was done automatically. The only thing was they accumulated a lot in their current account instead of moving it into their savings account which paid 0.01% interest.

I do much the same, except I transfer to the savings account, which although pitiful interest cannot be emptied in one click by a scammer

The Savings can only be transferred into my current account, not sent to a third party

PennyForThem_2

Ray_Jay said:

Our only family is too far away to help & our friends are of a similar age & state of health & we would not wish to burden them with the problem.

Do you trust your 'only family'?  If so, then they can help you.  My brother managed my father's affairs from UK.  My father lived in Australia.  Yes, it was Power of Atourney and they both had to ensure the Australian Bank accepted it, but once sorted, via the internet it worked.

You talk about somebody 'local'.  But could you trust them?  Unfortunatey, sometimes money is all that matters to some and they take advantage.  You really need to trust that person.  Maybe talking to Age UK or Citizens Advice may help - probably they have webpages giving advice......