7th March 2024

Dragon’s Den and dementia

Julia Lewis

Partner

Not obvious bedfellows, but I was watching an episode of Dragon's Den last week when a couple came on with the brilliant idea of a debit card and mobile app which helps families living with dementia to manage everyday spending.

Jayne Sibley's mother and father had both suffered from dementia and she had become all too familiar with walking the financial tightrope - she wanted to help manage their finances and protect them from fraud and overspending, but also did not want them to feel that she was taking away their independence and dignity.

So she and her husband addressed the challenge by launching a debit card (in conjunction with Mastercard) and a mobile app, specifically for people suffering with dementia. The card and app are endorsed by the Alzheimer's Society: Sibstar: An innovative partnership with Alzheimer's Society | Alzheimer's Society (alzheimers.org.uk)

Funds can be transferred to the card by way of standing orders (just as you might do for a child's bank card) and you can set daily, monthly and ATM limits.

If you are supporting someone with dementia they can still enjoy the freedom to spend some of their money (and importantly, retain a sense of dignity in the earlier stages of dementia), but the caregiver receives notifications on the mobile app to enable them to track their loved one's spending.

Sara Davies and Deborah Meaden were sufficiently impressed by Sibley's pitch that they each invested £62.5k! I dare say some of the banks will soon jump on the bandwagon (not before time) so watch this space…