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Supporting your young person with managing their money

Many families have said they worry about how to manage their young person’s money.  Families want to know the best ways of supporting their son or daughter to manage their money and this can include setting up bank accounts and finding out what options are available if the person has difficulties understanding money and finances.

Informed decisions

The first issue to consider is whether your young person is able to make informed decisions and this is covered by the Mental Capacity Act (2005).  The Act states that anyone over 16 must be presumed able to make decisions themselves, with support if necessary, unless it can be shown that this is not the case.

Mental Capacity is not straightforward as it is based on the situation and is also time specific.  Having mental capacity to understand something does not necessarily mean knowing about all the complex detail, and issues can be explained in a simple visual way.

Reasonable adjustments

People should not be treated differently (discriminated against), because they have a learning disability. This is against the law and is part of the Equality Act 2010.

This law also says that you should get support if you need it to make your own decisions. The law says that banks must make changes to the way they serve you if you need them to because of your disability e.g. if you have to have your statements in larger print or if you need more help in setting up your account. These changes are called ‘reasonable adjustments’.