An entrepreneur from Winchester whose parents were both diagnosed with dementia is unveiling a new debit card for people living with the condition, supported by Alzheimer’s Society and Mastercard.
Sibstar is the UK’sfirst debit card and app designed with the specific functionality to help people in Hampshire and Isle of Wight to safely manage everyday spending.
Sibley: Mum was really vulnerable to online, over the phone and doorstep salespeople
Jayne Sibley, who’s behind the concept, knew she had to find a solution when her Mum started mis-managing her money as a result of her dementia.
“I first noticed a problem when Mum started spending more on groceries than I did, and I have a family of four. Mum was making countless cashpoint withdrawals, writing cheques to charities and taking out duplicate insurance policies on white goods.
“She was really vulnerable to online, over the phone and doorstep salespeople and then started giving away cash to homeless people. My mum is a kindhearted, generous lady, but there was no way she could sustain that level of spending and giving.”
Jayne’s mum, June, was diagnosed with Alzheimer’s disease in 2018 and Jayne’s dad was diagnosed seven years earlier with Alzheimer’s disease and vascular dementia.
Pre-loaded with funds
The Mastercard debit card is pre-loaded with funds, then how and where the money is spent can be managed through the Sibstar app, which is available on iPhone and Android. Each element of Sibstar’s functionality can be instantly switched on or off, delivering a flexible solution which can be scaled as the needs of individual customers change.
The app’s money management controls include spend limits, ATM, online, phone switch on/off, instant freeze, auto top up, and real time notifications which can be changed instantly and remotely.
Sibley: Being able to go out and pay for things has been Mum’s lifeline
Jayne admits there have been lots of challenges while caring for her parents, but the hardest thing has been trying to find a way of keeping her mum financially independent while financially secure.
“My parents worked really hard for their money and it was really stressful to see it being frittered away. Not least of all, we would need this money to pay for high levels of care later on.
“Mum is a really sociable person and Alzheimer’s has not taken that away. It’s part of who she is and being able to go out to the shops, to the cafe or pay for a yoga class is her lifeline.”
In order for June to retain a level of independence, Jayne knew she had to find a solution. This week she has unveiled a new debit card, Sibstar, which she has designed specifically for people with dementia.
Almost 1m people with dementia
There are currently around 900,000 people with dementia in the UK, including 22,380 in Hampshire and Isle of Wight. In addition to common symptoms like memory loss, difficulty concentrating, planning and organising, many people can lose their ability to deal with their daily finances – as confusion increases, so too does vulnerability to being scammed, losing cash or cards, giving money away inappropriately, or over-buying, and as a result, hard earned savings can disappear.
Over the last nine months, Sibstar has been piloted by 65 people in the UK who are living with dementia, and their families.
Removing the cause of stress and worry
Research shows that nine in ten (89 per cent) of people with dementia experience difficulties with managing their money day-to-day, and nearly half (45 per cent) find money difficulties a major cause of stress and worry.
Sibstar has been set up to combat this – as an innovative way for people with dementia to access and manage their day-to-day money and empower those living with dementia to live financially independently for longer in a safe, supported way.
The charity Alzheimer’s Society is partnering with Sibstar by investing in the company and working with the Sibstar team to continue to develop and promote their product.
Capper: Delighted to have supported Sibstar through our Accelerator Programme
Colin Capper, Associate Director of Evidence and Involvement at Alzheimer’s Society said,
“Too many people living with dementia face barriers in using financial services, leaving them with a loss of independence and vulnerable to scams.
“Alzheimer’s Society is working to make the financial sector more dementia-friendly, as well as raise awareness of the challenges involved.
“We are delighted to have supported Sibstar through our Accelerator Programme, which funds innovations and inventions that we believe can change the lives of people affected by dementia.”
How to sign up
There is a £4.99 set-up fee and £4.99 monthly subscription. 7.5 per cent of net profit goes directly back to Alzheimer’s Society.
To find out more visit the Website.
News shared by Gemma on behalf of Alzheimer’s Society. Ed
