BT Money Hacks: Future-proof your money from dementia

ACCORDING to a 2015 study by the Institute of Mental Health, 1 in 10 people in Singapore aged 60 and above have dementia. By 2030, this number is expected to double to 152,000. Moreover, younger Singaporeans are increasingly being affected by issues such as memory loss and personality changes.

How can you continue managing your money, or help a loved one manage theirs, if diagnosed with dementia? To address this, correspondent, Howie Lim, invited Helen Shen, group head of products at Singlife, to discuss why it’s crucial to understand what a dementia diagnosis means for you and your finances on the latest episode of Money Hacks - a podcast from The Business Times.

Protecting financial assets

Starting the conversation, Howie Lim shared some personal insights, emphasising the importance of protecting a loved one’s financial assets, including from family members if necessary. Helen Shen recommended forming a ‘financial squad’ to safeguard these assets. This team could include lawyers, attorneys, financial advisors, and caregivers who ensure all vital documents, like wills and Lasting Powers of Attorney (LPA), are in place while the individual is still mentally lucid.

She emphasised the importance of a comprehensive lineup, including financial caregivers, to safeguard assets effectively. 

Public perception vs actual costs of dementia care

For those at risk of developing dementia, early financial planning is paramount. Shen shared insights from Singlife’s long-term care research, which found a significant gap between public perception and actual costs of dementia care. The study recommended setting aside funds early and exploring various financial instruments and government aids for comprehensive planning.

Discussing financial management with a loved one showing early signs of dementia can be challenging due to cultural taboos. These conversations should be done early and with an open mind, possibly involving a neutral third party like a social worker to ease tensions.

Navigating long-term care

Resources including partnerships with AIC and Dementia Singapore, which offer comprehensive guides on navigating long-term care needs, were cited as crucial. These resources are invaluable for families facing the early stages of dementia, providing essential information and pointing them in the right direction.

Shen underscores the complex yet essential nature of financial planning for dementia, pointing out that early preparation, legal safeguards, and access to resources can significantly ease the journey for both patients and their families. 

Listen to the podcast now to garner an in-depth understanding of the financial protections that are crucial for either you or a loved one in the face of this insidious disease.

For more episodes, go to bt.sg/moneyhacks and if you have feedback or an episode idea, please get in touch at btpodcasts@sph.com.sg.

---

Written and hosted by: Howie Lim (howielim@sph.com.sg)

With Helen Shen, group head of products, Singlife

Edited by: Howie Lim & Claressa Monteiro

Produced by: Howie Lim

Engineered by: Chai Pei Chieh

A podcast by BT Podcasts, The Business Times, SPH Media

---

Follow BT Money Hacks podcasts every Monday:

Channel: bt.sg/btmoneyhacks

Amazon: bt.sg/mham

Apple Podcasts: bt.sg/oeXe 

Spotify: bt.sg/oeGN 

YouTube Music: bt.sg/mhyt

Website: bt.sg/moneyhacks

Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party’s products and services. Please consult professional advisors for independent advice. 

---

Discover more BT podcast series:

BT Correspondents: bt.sg/btcobt

BT Market Focus at: bt.sg/btmktfocus

BT Podcasts at: bt.sg/pcOM

BT Branded Podcasts at : bt.sg/brpod

BT Lens On: bt.sg/btlenson