BANKS around the country are stepping up in a bid to make it easier for people living with dementia to deal with money.
St George is the latest bank to introduce "dementia friendly" banking to help those living with dementia to remain financially independent as long as possible.
The bank - which has partnered with Alzheimer's Australia -will now train frontline staff to be able to recognise, respond and help customers living with dementia.
St George Bank has more than 900,000 customers over the age of 50, and of this around 13 per cent (123,000) may have some form of dementia, said St George Retail Bank general manager Ross Miller.
"Our pilot program earlier in the year revealed how stress and anxiety can be diminished for dementia sufferers, simply by making everyday banking as easy as possible,' said Mr Miller.
"We believe fostering a dementia-friendly environment will help keep vulnerable customers' financially independent for longer and less prone to financial abuse."
Mr Miller said the new training program will help bankers "walk in the shoes of a person living with dementia" and said many staff members "didn't realise the simplest things could be so hard".
Technology upgrades in the branch mean will also mean once a customer or carer notifies a banker of their condition, bankers can activate a 'customer vulnerability alert' on their profile.
"Our bankers will then know to provide the extra level of care required and set up a dementia-friendly banking plan. This includes options such as setting up withdrawal notification alerts, withdrawal limits on accounts, direct debits as well as alternative accounts and contacts," said Mr Miller.
Branches will also be audited by Alzheimer's Australia who will apply a dementia-friendly lens in terms of layout, lighting, signage and quiet areas.
Alzheimer's Australia National chief executive Maree McCabe said dementia affects more than 413,000 Australians and by 2056 over 1.1 million Australians will have dementia.
"While there is no cure on the horizon, there are a number of strategies that can be put in place to minimise the impact, for the person with dementia, their carers, family and the community."
In a survey conducted by Alzheimer's Australia for Dementia Awareness Month, 94 per cent of respondents living with dementia have encountered embarrassing situations and 96 per cent feel less competent than before they were diagnosed.
"Financial services are one of those extremely important areas where we need more awareness and understanding," said Ms McCabe.
The dementia friendly banking plan will also be rolled out to Westpac, BankSA and Bank of Melbourne.
Beyond Bank branches also recently rolled out a pilot dementia friendly program across Canberra, making physical changes to lighting, signage and fonts to make the branch environment less intimidating.
The bank also gave staff special training to learn about the obstacles dementia sufferers face when doing daily banking.
