Help managing everyday money

It’s important to choose someone who:

• you know well and trust

• is happy to help you

• can manage their own money well 

• is confident to make decisions with your best interests in mind, and

• you can easily call or text to get help. 

It might not be a good idea to choose someone who travels a lot or who might be unavailable when you need them.

You might want your chosen trusted person to manage your money because you are:

• ill or disabled, either temporarily or on a long-term basis

• housebound 

• struggling to manage your money online 

• out of the country for a while, or

• struggling to make decisions.

Things they can help you with can include:

• looking after your bank accounts, savings, investments or other financial affairs 

• claiming and spending benefits on your behalf.

Asking for help with your money can seem scary, but it’s easier to do this when you’re feeling well and can talk clearly about what you need.

It’s important to discuss what tasks you want help with to make it simpler for the other person. Things can include help with:

• paperwork — you might need some support filling in important documents or understanding certain terms. For example, information about your bank account, tax or benefit payments

• meetings — you might ask someone to attend important meetings with you. For example, with a solicitor, financial adviser, or benefits adviser

• day-to-day spending — you might speak to someone for help about managing your money daily. 

This guide shows informal ways someone can help you with money. After reading this, you might decide that a lasting power of attorney is a better option.

If you need someone to make choices on your behalf, you can make and register a power of attorney. A power of attorney is a legal document that lets you give one or more person the power to make decisions and manage:

• your money and property, and/or

• your health and welfare.

They can help you with: 

• temporary situations – for example, you’re in hospital or abroad and need help with everyday tasks such as paying bills

• longer-term situations – for example, you want to plan for the unexpected or have been diagnosed with dementia and might lose the mental capacity to make your own decisions in future.

The Priority Services Register, also known as the Customer Care Register in Northern Ireland, is a free support for utility customers that offers extra help like:

• providing your bills in large print

• braille, or 

• send them to someone else you trust.

You might also get support during emergency and help tailored to your needs.

Ask your electricity supplier, gas provider and water company about the Priority Services Register to find out what they can offer you. You can find their contact details on their website or on a letter or bill.

Scams are getting more sophisticated. Find out more about how to recognise and protect yourself and others in our beginner’s guide to scams.

Scams and fraud are a significant concern to watch out for when helping someone with their money, along with financial abuse.

If credit fraud has already happened in the past, either as the result of a scam or financial abuse, apply to Cifas for Protection RegistrationOpens in a new window This will make lenders aware, so they carry out extra checks of any applications for credit.

Financial abuse can be when someone:

• takes out money or gets credit in your name without your knowledge or permission

• makes you hand over control of your accounts

• cashes in your pension or other cheques without your permission 

• adds their name to your account

• asks you to change your will

• has offered to buy shopping or pay bills with your money, but you don’t see this happening

• stops you from seeing other friends and family.

Never hand over your cards, PIN or bank log-in details. There are options where you can get help with your money without giving away full access to your accounts. Putting something like this in place can mean you’ll be less vulnerable to financial abuse.

A third-party mandate is a document that tells your bank, building society or other account provider that they can accept instructions about that your money from a specific named person.

It can be a good option if you:

• need help managing your day-to-day banking

• are waiting for your power of attorney to be set up

• are going abroad for a long time

• speak to the bank or account provider to request a third-party mandate arrangement.

Be aware that a third-party mandate isn’t appropriate if the account holder is losing the ability to make relevant decisions themselves.

If you give a third-party mandate to someone you trust, they can typically: 

• make payments 

• set up standing orders

• discuss transactions, and 

• order statements. 

But they usually can’t:

• use online banking or mobile apps

• use debit or credit cards

• use ATMs

• apply for new loans 

• open new accounts, or 

• close existing accounts. 

To find out what you’re allowed to do with a third-party mandate, just ask your bank about their rules.

A carer’s card account lets somebody you trust use your current account to pay for the things you need with their own debit card.

They can use the card to withdraw money or do your shopping, but they can’t make changes to the account, and you can set a limit to how much money they can access. 

Not all accounts come with this feature, so check with your bank.

Setting up a joint bank account can give a trusted person access to the money in your account. This means they’ll be able to draw out money for you without needing permission and use other banking facilities offered by the account – such as overdrafts.

You can open a joint account with someone else or change an account you already have so that it’s held in joint names. 

It’s important to make sure that you’re opening a joint account with someone you trust completely. Remember:

• Don’t open a joint account if one of you has bad credit as it will affect both of you.

• Keep a separate account for non-bill expenses.

• You’ll have less privacy as spending is visible.

• It’s tough to get back money taken from the joint account. 

• All account holders are responsible for overdraft debt.

• If you die, the other will still have access.