Carers and asset management for older people

Researchers: Hilary Arksey, Anne Corden, Caroline Glendinning, Michael Hirst

Funder: The Institute of Actuaries

Duration: January 2006 – May 2006

Background

Greater longevity increases the risks of physical, functional and cognitive impairments. This can make managing financial resources and assets in later life challenging for older people. Difficulties can range from mobility problems that make it hard to get to a bank or deal with regular bills, through to severe cognitive impairment requiring another person to take responsibility for all financial affairs through Enduring Power of Attorney. Making sound decisions about the management of resources and assets is an activity in which relatives and friends are likely to become involved as part of wider patterns of informal care-giving. However, nothing was known about:

the prevalence and patterns of such help in England
the roles of carers providing this help
the information that may be useful in providing such help

Aims

The main aims of this exploratory study were to:

Identify what research evidence there was on the roles played by carers in managing the resources and assets of older people.
Identify information, good practice guidance and advice about financial management by carers.
Evaluate the opportunities for secondary analyses of existing large-scale datasets to identify the prevalence and patterns of older people's asset management by carers.
Identify the policy, legal and institutional frameworks governing the management of older people's assets by third parties in England.
Investigate the views of key stakeholders about the problems and issues that are perceived to merit further in-depth examination.
Identify gaps in research and the scope for more extensive research on this topic.

Methods

A scoping review of social science, economics and business research databases was undertaken to identify relevant national and international literature published since 1990.
Relevant internet sites were searched to clarify policy, legal and institutional frameworks for asset management by carers, and examples of recommended good practice.
Existing large-scale datasets were examined to determine what, if any, light they can shed on prevalence rates, or changing patterns, of help with older people's asset management
Interviews were held with key stakeholders from the legal, voluntary, statutory pensions and private financial services sectors.

Outputs

The main outputs include a report to the Institute of Actuaries, together with an executive summary and journal article. In addition, it is hoped that the work will lead to the development of a research proposal for a large-scale study of older people and their asset managers.

Publications and presentations

2008

Managing money in later life: help from relatives and friends, 2008
Arksey, H., Corden, A., Glendinning, C. and Hirst, M., Benefits, 16, 1, 47-59.

2007

Carers and the management of financial assets in later life
Glendinning, C., Yorkshire Actuarial Society Seminar, Norwich Union, York, 24 April 2007.

Managing older people's money and assets - the role of informal carers
Glendinning, C., Actuarial Teachers' and Researchers' Conference 2007, Leeds Business School, 20 July 2007.

Minding the money: carers and older people's financial management
Glendinning, C., Carers and their Involvement in the Management of Financial Assets in Later Life Seminar, Staple Inn, London, 5 February 2007.

2006

Carers and the management of financial assets in later life, 2006
Arksey, H., Corden, A., Glendinning, C. and Hirst, M., Research Works, 2006-02, Social Policy Research Unit.

Minding the money: Carers and the management of financial assets later in life: report of a scoping study, 2006
Arksey, H., Corden, A., Glendinning, C. and Hirst, M., Social Policy Research Unit.

Minding the money: carers and the management of financial assets in later life, a scoping study
Glendinning, C., The State of Welfare: Past, Present and Future, 39th Social Policy Association Conference, University of Birmingham, 19 July 2006.

If you require further information about the project, please contact Hilary Arksey