A conversation we need to have

Dementia affects an increasing number of Australians, and families should plan now for the financial risks

- PAUL CLITHEROE

In the October issue of Money, I really struggled to answer a question from one of our readers. Mrs Pilay asked me about how to handle money issues with her partner who had dementia. After reading information about this on the many excellent websites and calling experts in this field, I felt that ageing and money is something we all need to talk about more.

Sure, my wife and I have had our parents and elderly relatives die and have provided love, care and support. But the deaths were mainly the result of cancer, heart issues and, in the case of a 96-year-old aunt my wife cared for, just old age. Yes, there were all the usual problems around cancelling driving licences, power of attorney, living wills, finances and so on, but we had not personally cared for a loved one with dementia. Dementia Australia says that in 2021, 472,000 Australians live with dementia and 1.6 million people provide care to them.

The reality is that many Money readers will know a great deal about dementia and money, but quite a few of us will not. Obviously, I have zero expertise with dementia, but I can say one thing for sure, because we will all die. We need to have plans for this and discussions with our loved ones about what we would prefer as we age and how our choices will be paid for. You just can’t leave this too late.