A conversation we need to have
Money Magazine Australia|November 2021
Dementia affects an increasing number of Australians, and families should plan now for the financial risks
PAUL CLITHEROE
A conversation we need to have

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.

Esta historia es de la edición November 2021 de Money Magazine Australia.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

Esta historia es de la edición November 2021 de Money Magazine Australia.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

MÁS HISTORIAS DE MONEY MAGAZINE AUSTRALIAVer todo
An outrageous, beautiful monopoly
Money Magazine Australia

An outrageous, beautiful monopoly

Telstra's mobile business is a cash machine with few competitors, giving it the highest returns in the world.

time-read
4 minutos  |
July 2024
Drop the anchor to judge value
Money Magazine Australia

Drop the anchor to judge value

Buying and selling decisions should be based on where a stock price is going, not where it has been.

time-read
3 minutos  |
July 2024
Powering the AI boom
Money Magazine Australia

Powering the AI boom

Beyond the software and chipmakers, where will the energy come from?

time-read
3 minutos  |
July 2024
Get into life
Money Magazine Australia

Get into life

Tucked inside super are products that can protect you from life's inevitable uncertainties.

time-read
5 minutos  |
July 2024
Paths to home ownership
Money Magazine Australia

Paths to home ownership

Taking the road less travelled can sometimes deliver unexpected benefits.

time-read
5 minutos  |
July 2024
Sold! Quick ways to add value
Money Magazine Australia

Sold! Quick ways to add value

Small, strategic changes can have a big impact on the look and feel of your home. And get you a better price on auction day.

time-read
5 minutos  |
July 2024
Money lessons the kids need to know
Money Magazine Australia

Money lessons the kids need to know

Your children can learn a lot from your past money mishaps. Here are eight financial conversations I have had with mine.

time-read
4 minutos  |
July 2024
Property-investing rules: are they likely to change?
Money Magazine Australia

Property-investing rules: are they likely to change?

The pressure for the government to curb the tax benefits of tax concessions, such as negative gearing and the capital gains tax discount, is unrelenting. Most recently, independent senators David Pocock and Jacqui Lambie proposed five options for paring back investment property tax concessions, with savings to the Federal budget of up to $60 billion over the next decade.

time-read
3 minutos  |
July 2024
What's love got to do with it?
Money Magazine Australia

What's love got to do with it?

A rollercoaster of emotions could be driving poor crypto behaviour.

time-read
3 minutos  |
July 2024
Are we ready to be cash-free?
Money Magazine Australia

Are we ready to be cash-free?

Saying goodbye to our piggy banks too soon could leave small businesses in the dark when problems arise.

time-read
2 minutos  |
July 2024