Bank Accounts and Managing Money

A number of families and young adults would like support to manage their money. This includes issues with opening bank accounts and what options are available to support someone who has difficulties understanding money and finances. As a parent or carer, it is a good idea to be aware of what the law says and how it can help you and your child make decisions about managing money.

• SCOPE have a helpful advice and guidance section on this topic which can be found here https://www.scope.org.uk/advice-and-support/accessible-banking-financial-services/
• DOSH has a clear guide about bank accounts for people with learning disabilities.
• The British Bankers’ Association has a guide to managing money for someone who lacks mental capacity.
• The Home Farm Trust has a series of videos on mental capacity, including options for managing finances.
• The Housing and Support Alliance has a guide to lasting power of attorney and deputyship, with particular information on tenancies.
• The Money Advice Service has a guide of activities to do with young people to help them learn about money: Helping young people with learning disabilities to understand money.