Almost one in three older Australians unsure how to handle money after cognitive decline

Almost one in three Australians aged 50 and over do not know where to turn for information or support if cognitive decline impairs their ability to manage money, according to research from Aware Super and COTA Australia.

The data suggests roughly 2.9 million older Australians risk entering later life without a plan for managing their finances if dementia or another condition strikes.

While 69 per cent of respondents felt confident they could find guidance, 39 per cent were worried cognitive changes would harm their financial management. Among Australians aged 50 to 66, that figure climbed to 43 per cent.

Aware Super chief executive Deanne Stewart warned that losing financial decision-making capacity leaves individuals more exposed to scams and poor financial choices. She urged people to put legal arrangements in place early, including appointing an Enduring Power of Attorney, updating superannuation beneficiary nominations, and setting up a valid will.

Data from Dementia Australia cited in the release estimates 446,000 Australians are living with dementia in 2026, with the total projected to pass 1 million by 2065.

The State of the Older Nation research found 78 per cent of respondents had someone who could step in to make financial choices for them. However, 13 per cent reported having no trusted person to rely on if they lost capacity.