Minds are fixed on money in bank

Business | Kevin Xu 17 May 2019

The Hongkong and Shanghai Banking Corp has launched an account service designed for people living with dementia in Hong Kong.

The HSBC Basic Banking Account with Independence is a savings account that provides basic banking services including cash withdrawals, deposits and making payments for people suffering from dementia or a diminished mental capacity. It also allows family members or carers of dementia sufferers to oversee financial arrangements for patients after they acquire legal documents. They can then make balance inquiries and top up balances as required.

The Hong Kong Hospital Authority estimates that prevalence rates of dementia are 5-8 percent of people aged over 65 and 20-30 percent among those over 80.

A survey conducted by Hong Kong Alzheimer's Disease Association last year resulted in more than half of the respondents saying family members with dementia had encountered difficulties in managing banking affairs on their own, including understanding bank statements, communicating with bank staff and forgetting PIN numbers.

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