A SHORT TALE FROM YOUR PAST

By Chris Weston

Almost everyone reading this will no doubt remember hearing or singing in their youth, the Nursery Rhyme “Ring -aring-a-rosies, but do you know it’s origin?

Originally entitled “Ring Around A Rosy”, the words which then follow are said to relate to the Great Plague of 1665. It seems the infection’s main symptoms were a high fever and a rash in the form of a ring hence arrival of the original name.

Ring-a-ring-a-rosies

A pocket full of posies

A-Tishoo, A-Tishoo

We all fall down.

Ring Around A Rosy is said to refer to the Great Plague of 1665. Its main symptoms were a high fever and a rash in the form of a ring and hence, came the name, Ring Around A Rosy.

Anyone suffering from infection was encouraged to carry around in their pocket, a quantity of herbs and spices. For several moths, this was common practice, intended to freshen up the stale air. The more people doing this would hopefully reduce the overall infection time. In the subsequently written nursery rhyme, this became the line “ A “pocket full of posies ”. Then comes A -Tishoo, A -Tishoo which in the original American version, was “Ashes, Ashes ”. We understand this as someone sneezing. Plague sufferers had a fit of sneezing before they passed away or as we know it, in the rhyme, “ we all fall down”.

So to Summarise: -

The fatalism of the rhyme was brutal: the roses were a euphemism for deadly rashes, the posies were a supposed preventative measure; the a-tishoos pertained to sneezing symptoms, and the implication of everyone falling down, was death.

While writing this, it seems somewhat similar to some of the recent Covid symptoms. I wonder therefore if Covid might be “The Plague Re-Visited”?? Perhaps the saying about ‘History Sometimes Repeating Itself ’ might be appropriate.

© Chris Weston, February 2023

As independent financial advisers, we often help older people, and their families manage their finances and estate planning. When working with clients of any age, we always consider the requirements of the individual and any extra accommodations that they may need. This can help to negate some of the financial vulnerabilities that can come with old age and ensure that none of our clients are left financially vulnerable.

If you have a vulnerable family member or loved one, it can be hard to know the best way to help them manage their finances. Every person is different, so will have different requirements, but we have put together a few things that you can do to help your vulnerable loved ones manage their finances.

What is a vulnerable person?

Before we go on it is important to understand how vulnerability is defined within a financial setting. A vulnerable person is susceptible to harm due to their personal circumstances. This is especially true when a service provider (such as a financial adviser) does not act with an appropriate level of care. Financial vulnerability describes a person’s ability to manage finances and adapt to sudden changes. Age is far from the only factor which can indicate this.

Is

every elderly person vulnerable?

No, not every elderly person is considered vulnerable and everyone, no matter their age or abilities, should expect to be treated with respect and professionalism. When it comes to matters of money it is essential that decisions are made with the full consent and capacity of the individual involved and the adviser. This needs to be true if you are 18 or 80!

What factors can affect vulnerability?

According to the FCA ’s ‘Guidance on the fair treatment of vulnerable customers’ there are four events that may potentially cause vulnerability to finances or money management, which apply equally to us as financial advisers and you if you’re helping a loved one. These four factors can affect anyone and are not exclusive to one age group. Health conditions that may affect the ability to carry out everyday tasks.

Life events such as bereavements or relationship breakdowns. Resilience to financial or emotional shock.

Capability to understand financial matters or low confidence in money management.

Within these categories certain vulnerabilities will be more obvious than others. For example, some ‘obvious’ examples may be divorce, depression, major illness, and age. Subtler examples include number of dependents, poor literary skills, poor memory, or dyslexia. Some vulnerability factors may be completely hidden, like dementia, mental health, drug abuse, and learning disabilities.

What is ‘causative nexus’?

When considering how these factors can affect the vulnerability of your loved one, causative nexus should be looked at. Financial vulnerability is caused by more than just one of the above factors being present; causative nexus is the link between the circumstances and the impact on the individual. If there is no impact, then despite a vulnerability factor being present the individual would not be considered vulnerable.

On the other hand, a vulnerability factor might seem small, like the death of a pet for example, but could have a greater impact to the individual and therefore increase their vulnerability.

How long is someone considered vulnerable?

Vulnerability can change over time, but sometimes it will be a permanent consideration. For example, permanent vulnerability is something that will consistently cause vulnerability.

Temporary vulnerability is considered a one -off occurrence that will resolve in time. Sporadic vulnerability fluctuates, so may be different depending on the time or the task that is required.

Permanent vulnerabilities like dementia are more likely to affect older people, but these levels of vulnerability apply to all age groups. In fact, 42,000 people under the age of 55 have been diagnosed with dementia in the UK, for example.

How many people are considered vulnerable?

Financial vulnerability can affect so many people in different ways, so it is impossible to give an exact number. For example, around 1.5m people in the UK have some form of learning disability, and 1 in 7 are estimated to be neurodivergent. In addition to this around 33% of dementia sufferers are thought to be undiagnosed, so it’s important to always remain compassionate and patient when helping someone manage their money, as you can ’t always tell how vulnerable they may be.

How to help a vulnerable loved one manage their finances

If you start to notice some of these signs of increased financial vulnerability in a loved one, it’s important to make sure that they can understand the information given, can retain that information, are able to weigh up multiple options, and can communicate thought processes and outcomes.

Here are few ways to support your loved one to make important financial decisions:

• Identify only relevant information to avoid information overload.

• Ask about any key life events that may affect their financial decisions.

• Remind them of any previous conversations you may have had and confirm that they have understood everything you have already discussed.

• Confirm the logical series of steps they have taken to come to a financial decision.

• Inform them of any other options that may be relevant so that they are able to weigh up all the options.

• Be aware of how quickly they are responding, and make sure they have the time to fully understand all the information provided.

• See if you can attend any financial meetings with them.

• Consider whether you need to discuss putting Lasting Powers of Attorney in place, so you have permission to act on their behalf.

T: 01603 625100 www.ftof-finance.co.uk