Sibstar, the debit card and app for people living with dementia in the UK, has launched a new campaign calling on banks and governments to work closer together to ensure safer spending for financially vulnerable people.
Dubbed ‘Safe Spending for All’, the Sibstar campaign has received backing from two investors from the BBC’s Dragons’ Den; Deborah Meaden and Sara Davies, and calls for more measures that protect financially vulnerable individuals from scams, social exclusion, and fraud.
Financial vulnerability affects millions across the UK, with many individuals falling victim to scams and eventually losing their financial independence. According to the Financial Conduct Authority (FCA), 47 per cent of UK adults exhibit characteristics of financial vulnerability.
UK Finance’s 2024 annual fraud report found that over £1billion was stolen by criminals in 2023 through
unauthorised and authorised fraud. This risk is expected to rise even higher unless the government increases the pressure put on the technology and telecommunication sectors to take significant action to stop fraud, which often proliferates on these platforms.
“Sibstar is paving the way for vulnerable adults to access and manage their everyday money safely, which is why I chose to invest earlier this year,” explained Meaden. “I hope that today’s call to action acts as a pivotal moment in driving financial inclusion across the sector. There is more we can do to ensure everyone can manage their finances with confidence and independence. Full collaboration from the sector is needed.”
Taking positive steps forward
Attacks on financially vulnerable groups can affect an individual’s well-being, as well as their personal finances – but can have severe consequences for their families as well. Those living with conditions such as dementia and varying mental health conditions often struggle to manage their finances due to the increased risk of exploitation, leaving the weight of financial responsibility on their caregivers.
This often leaves people feeling isolated from mainstream financial services and therefore increases social exclusion. The lack of tailored support for these groups only further exacerbates their vulnerabilities.
Studies have shown that increased loneliness and stress speed up the decline in cognitive function in dementia patients making it essential for more inclusive financial practices to be adopted by all sectors and institutions.
However, some organisations are already making efforts to support financially vulnerable individuals. Nationwide Building Society recently partnered with Dementia UK to offer appointments with dementia specialist Admiral Nurses across some of its branches in the UK, providing expert support to those impacted by the condition.
“These initiatives demonstrate the positive impact that small inclusive practices can have on vulnerable individuals and wider society, but it’s still not enough,” added Jayne Sibley, CEO and co-founder of Sibstar. “Collaborative action is essential to safeguard the financial independence of every individual in the UK. We have to work together to develop and implement policies and practices that actually have an impact on those who are at risk. It’s our responsibility to protect and empower these groups who are unable to do so themselves.”
