Daily Money Management (DMM) services may be as simple as paying bills and reconciling the checkbook, or the issues may be more complex.
It has been estimated that 5-10% of all older adults living in the community could benefit from some form of DMM. Elders who have the following conditions are often in need of DMM.
- Cognitive impairment
- Physical conditions that limit a person’s ability to write.
- Visual impairment.
- The loss of a spouse, family member or friend who previously handled the person’s finances.
DMM can prevent abuse and neglect.
- By eliminating opportunities to abuse.
- Blocking access to assets, or removing the motive to abuse.
- Ensure that all bills are paid and critical service needs are met.
- Ensure that rent, debts or other revenues owed to elders are collected.