Sibstar, the UK’s leading debit card and app for people living with dementia, today launched ‘Safe Spending for All’, a campaign calling on banks and governments to work closer together to ensure safer spending for financially vulnerable people. 

Dragons’ Den investors Deborah Meaden and Sara Davies are backing the campaign, which calls for both banks and the government to put more measures in place to protect financially vulnerable individuals from scams, social exclusion, and fraud. The campaign is also supported by Nationwide, Project Nemo, Innovate Finance, West Midlands Police, and Alzheimer’s Society.

Financial vulnerability affects millions across the UK, with many individuals falling victim to scams and eventually losing their financial independence. According to the Financial Conduct Authority (FCA), 47% of UK adults exhibit characteristics of financial vulnerability, further emphasising that this is neither an isolated nor marginalised issue.

UK Finance’s 2024 annual fraud report found that over £1 billion was stolen by criminals in 2023 through unauthorised and authorised fraud. This risk is expected to rise even higher unless the government increases the pressure put on the technology and telecommunication sectors to take significant action to stop fraud, which often proliferates on these platforms.

Attacks on financially vulnerable groups not only affect the individual’s well-being and personal finances but have severe consequences for their families as well. Those living with conditions such as dementia and varying mental health conditions often struggle to manage their finances due to the increased risk of exploitation, leaving the weight of financial responsibility on their caregivers. This often leaves people feeling isolated from mainstream financial services and therefore increases social exclusion. The lack of tailored support for these groups only further exacerbates their vulnerabilities. Studies have shown that increased loneliness and stress speed up the decline in cognitive function in dementia patients, making it essential for more inclusive financial practices to be adopted by all sectors and institutions.

However, some organisations are already making efforts to support financially vulnerable individuals. Nationwide Building Society recently partnered with Dementia UK to offer appointments with dementia specialist Admiral Nurses across some of its branches in the UK, providing expert support to those impacted by the condition. 

In the retail sector, household supermarket names such as Tesco, Morrisons and Asda introduced their ‘quiet hours’ initiative in 2018 and have recently announced plans to extend these hours further. ‘Quiet hours’ include stores turning the music off, dimming the lights, silencing tannoy announcements and putting up signs or posters to encourage other shoppers to be mindful of their vulnerable counterparts. This creates a safer and more welcoming environment for those who struggle to shop at busier times of the day due to sensory issues, which can trigger confusion in elderly vulnerable groups, or ‘meltdown’ episodes for vulnerable groups with autism.

Deborah Meaden, Dragons’ Den investor, commented: “Sibstar is paving the way for vulnerable adults to access and manage their everyday money safely, which is why I chose to invest earlier this year. I hope that today’s call to action acts as a pivotal moment in driving financial inclusion across the sector. There is more we can do to ensure everyone can manage their finances with confidence and independence. Full collaboration from the sector is needed.” 

Sara Davies, Dragons’ Den investor, commented: “By empowering the financially vulnerable with the tools and support they need, we can reduce social isolation, improve mental health problems, and foster a more inclusive economy. Financial equity means everyone being given the opportunity to participate in economic life, creating not only a more inclusive society but a more profitable one too.”

Sibstar is the UK’s first debit card and app that helps families living with dementia to safely manage their everyday spending. Having already gained significant backing from Dragons Den investors Deborah Meaden and Sara Davies, the company is now launching an awareness campaign calling on all sectors – government, retail, and financial institutions alike, to join their mission in creating safe spending for all.

“These initiatives demonstrate the positive impact that small inclusive practices can have on vulnerable individuals and wider society, but it's still not enough,” Jayne Sibley, CEO and co-founder of Sibstar, commented. “Collaborative action is essential to safeguard the financial independence of every individual in the UK. We have to work together to develop and implement policies and practices that actually have an impact on those who are at risk. It’s our responsibility to protect and empower these groups who are unable to do so themselves.”

Sibstar is also working with police forces across the country to protect people and vulnerable individuals in the community from becoming victims of financial crimes.