A number of years ago, when switching utilities was more complicated than it is now, my elderly aunt opened the door in the pouring rain to a sales rep pushing the benefits of changing provider. The hard sell worked. She signed on the dotted line and the switch only came to light a few weeks later when some pretty unfriendly paperwork arrived.
My aunt, who had never not paid a bill on time in her life, hadn’t grasped the contractual detail of what was involved and was shaken by the legal tone of the correspondence. She was also annoyed with herself for “making a mess of things”.
Knowing her generous nature, I’d say her judgment was clouded because she felt sorry for the sodden young salesperson.
Resolving her predicament took a considerable amount of patience and endurance. But what was really upsetting was seeing this previously highly capable lady becoming vulnerable as a result of the experience. She began distrusting her judgment when faced with officialdom and money matters and she needed reassurance when dealing with tasks such as renewing her insurance policies and online banking.
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People often lose confidence as they get older and this can make them worry about doing routine things. It also makes them more susceptible to risk and being taken advantage of. Financial institutions recognise this, and all the main players have had vulnerable customer support in place for some time. The thing is that not everyone knows it’s there.
If someone needs help, they have to ask for it, either for themselves or on behalf of a parent, friend or family member.
Vulnerable does not mean incapable or unable to conduct one’s own affairs. That’s a more serious situation and has to be handled differently through formal instruments such as a power of attorney. Vulnerable in this context is more about light-touch intervention and a guiding hand.
And it is not necessarily linked to being older. Vulnerable customers can be people of any age and there can be many reasons why they need support.
The vulnerability conversation is best started at branch level, whether that’s the local post office, bank, credit union or building society. If the branch staff know someone is fragile, they are more likely to offer support, and most institutions can add a flag to an account so it is obvious to all staff members that the customer may need help or more time to complete a transaction.
To set the help process in motion, it’s a good idea to either choose a quiet time to visit the service provider or, better still, make an appointment if that’s possible. This means the conversation can happen in private and concerns or requirements can be teased out.
Most issues can be resolved locally. However, more complex problems are generally referred to an institution’s vulnerable support unit for resolution either directly or through action at the branch.
For example, the unit may be asked to step in to investigate if someone is worried that a relative is being subjected to financial abuse or coercion or if special arrangements have to be made for someone who is no longer able to provide instruction on the management of their account.
“Our teams are trained to recognise when someone may be in vulnerable circumstances and to respond in a way that protects the customer and their finances,” an AIB spokesperson told The Irish Times. “Importantly, our focus is on helping people stay independent for as long as possible, while also putting safeguards in place if things change over time.”
Faye Dunne, the vulnerable customer officer at An Post, says there are different levels of help available, starting with very practical steps.
“We train our staff to recognise vulnerable customers and to respond to their needs. For example, putting out a chair for someone or allowing someone who can’t stand for long to go to the front of the queue. Our staff usually know their customers so they will notice if something has changed or isn’t right,” she says.
Dunne’s role involves working with advocates and support groups as well as handling escalations from customer service and local offices; for example, getting an interim order that allows a third party access someone’s account for a specific reason, such as applying for the Fair Deal subsidy for long-term nursing home care.
“What is important to recognise is that capacity can fluctuate,” Dunne says. “For example, a person with dementia may struggle with something in the morning but a few hours later they are much clearer.
“So, the starting point is to assume capacity but also to be aware that things may need to be slowed down. This could be where our staff might pick up that a customer wasn’t grasping something important so they’d suggest the person comes back later with a trusted family member. An example of this is prize bonds, where the person buying them needs to understand that they can’t be redeemed for three months.”
Vulnerability comes in many forms and is not just about administration and the ability to manage one’s money. For example, it’s not unusual to have an older relative with hearing problems who won’t wear a hearing aid. As a result they haven’t a clue what the person behind the counter said to them if there’s a lot of background noise.
Failing sight can also make it difficult for someone to read a form so they sidestep the issue by taking the form home. It never gets filled in and this eventually causes a problem.
No one likes admitting to failing faculties or losing their acuity, but frontline staff usually get vulnerability training so they know that some people may need extra time to conduct their business, a quiet place to talk or to have a document read out to them, and there should be no embarrassment in requesting these accommodations.
Asking for help for yourself or a relative is a really positive step. It is also sensible at a time when money management is increasingly dependent on digital literacy and scammers are all too willing to part vulnerable people from their money.
You can contact us at OnTheMoney@irishtimes.com with personal finance questions you would like to see us address. If you missed last week’s newsletter, you can read it here.
