The risk of mismanaging funds is high among people living with dementia. And according to Jayne Sibley, co-founder at U.K. FinTech startup Sibstar, this is not only challenging for those involved, but for their families as well.
It’s a situation Sibley said she knows all too well as a caregiver of parents who both have dementia. “My mother would give [money] away. She would take money out of the cash point and then lose it. She’d overspend. And all the money that she and dad had worked so hard for was disappearing in ways it wouldn’t have if she had not had dementia,” Sibley told PYMNTS in an interview.
Those are the challenges that she said led to the launch of Sibstar, a new Mastercard debit card and app designed to empower people with dementia to manage their everyday money with discrete oversight from a relative or loved one.