From time-to-time village managers are faced with situations where a resident may come to them concerned about a reduced income due to the loss of a partner or change in financial situation, concern about rising living costs, inability to navigate the Centrelink allowances and approval processes or their ability to continue to afford living in the village.
Up until now finding the right solution has been tricky. Recently, I caught up with a great new service provider to older Australian that can provide information and assistance when it comes to support with everyday financial management.
Victoria Wallis-Smith, from Nutshell Money, has established a service that will help with every day financial management she calls “money coaching”.
The perfect storm
Older people face a unique, and growing, set of issues and risks when it comes to managing their money.
The loss of a partner, reduced income, impaired cognition, or simply a reduction in confidence is compounded by the transition to a cashless society. Even the simple act of paying a bill, or filing a financial statement, can be daunting in the online world.
These challenges increase with the threat of financial scams.
The exponential growth in scams in recent years has seen older people a preferred target for increasingly sophisticated scammers. There were over 286,000 scams reported to the ACCC in 2021, with more than $323m of reported losses.
Who to ask?
Often, people turn to a trusted friend or family member with a money question. But what if you don’t have someone like that to ask?
A great online resource is the government’s MoneySmart website. Unfortunately, the wealth of information available can be overwhelming and lead to a paralysis of action, and increased stress.
The usual approach – financial service professionals
Financial planners typically focus on complex investment and tax issues, and the cost of financial planning is increasingly out of reach for many people.
And if the money questions relate to Centrelink rather than a tax query, an accountant may not be the right person to ask.
An alternative option – money coaching
Money coaching is a relatively new concept in Australia but is well entrenched overseas – providing financial education, support and advocacy for a variety of consumer groups.
Whether it’s having someone on hand that understands bank statements, or Centrelink letters, to working through how to make the money stretch – especially in the transition from a couple to a single age pension.
With a focus on personalised support for everyday financial management, Nutshell’s Money Care program is perfectly placed to fill the needs of older Australians.
A Money Care session is offered as a one-off, or as an ongoing support program – in the comfort of a client’s home. And the cost of a session may be covered under a Home Care Package.
If you have a resident that needs a little bit of extra help for a short time or just to get over a hurdle Money coaching could be a great resource. Check out more about Money Coaching here Nutshell Money or contact Victoria Wallis-Smith on 0405 224 964, or email victoria@nutshellmoney.com.au.