Families encouraged to start conversations about financial planning

Accountancy firm Cooper Parry Wealth is encouraging families to start conversations about future financial planning earlier.

This is due to growing awareness of the practical and emotional challenges faced when a loved one develops dementia or loses mental capacity.   

The call follows the sharing of a story from one of their team, Rebecca, whose family’s experience of supporting her father after a diagnosis of mixed dementia highlighted the importance of having key financial arrangements in place.

Like many families, Rebecca’s initial focus was on supporting her parents through the emotional impact of the diagnosis.

However, as her father’s condition progressed, financial and legal considerations quickly became a significant part of the family’s responsibilities.

Fortunately, Lasting Powers of Attorney (LPAs) had already been established, providing a framework for managing financial affairs and reducing uncertainty during an already difficult period.

While every family’s circumstances are different, Cooper Parry Wealth says the challenges Rebecca experienced are increasingly common.

Dementia, long-term illness and cognitive decline can affect a person’s ability to manage finances, leaving families facing difficult decisions around pensions, investments, savings, care costs and day-to-day money management.

Research consistently shows that many families delay conversations about financial planning, powers of attorney and future care until a crisis occurs, often making an already stressful situation more complex.

The issue has been brought into sharper focus by Channel 4’s recent documentary featuring broadcaster Jon Snow and his family’s experience of dementia.

Marie Smith, relationship associate partner at Cooper Parry Wealth, said: “Most people don’t want to think about a future where they or a loved one may need support. But the families who are best prepared aren’t necessarily the wealthiest.

“They’re often the ones who have had the difficult conversations early and put sensible plans in place before they’re needed,

“Financial planning isn’t simply about investments or tax efficiency, it’s about creating certainty, protecting independence for as long as possible and giving families the confidence to navigate life’s most challenging moments.”

Rebecca’s experience also highlighted the wider impact dementia can have on entire families.

Alongside emotional pressures, many families find themselves balancing careers, caring responsibilities and increasingly complex financial decisions.

Marie added: “When a loved one becomes unwell the last thing families need is uncertainty about who can access accounts, where important documents are held or whether legal arrangements are in place.

Planning ahead can remove a huge amount of stress and allow families to focus on what matters most, supporting each other.”