Financial management

Through my line of work I come across many people that have financial administration orders in place and usually through state trustees, either because the person has no other suitable person to nominate, or for the simple reason that becoming involved in another person’s finances is a very personal and challenging matter that can place strain on a relationship; especially if wanting to remain in a role such as family member, friend or carer. As much as administration orders are required for the safety and protection of a person, I can also see the frustration experienced by the individual having their finances managed. One of the main contentious issues with state run administration would be how the individual has their financial budget mapped out with the assumption that they will live to the average age of the general population. However, those with a severe mental illness are shown to not live as long as the general population, I think about ten years less, and you can bump that up to about 20 years less if you’re an indigenous Australian. With these stats in mind, it feels a bit harsh that a person has their money planned as thought hey will live to an older age than what the current data shows and will miss out on some of their assets. However, for a majority of people, they either have no or little assets and rely solely on the state pension which makes this issue less complicated. Either way, it’s a frustrating area and one that I try to remain outside of as the therapeutic relationship becomes extremely muddied when becoming involved in another person’s finances, therefore the most I will do is advocate for the individual as much as possible and openly disclose that I Would rather remain separate from any financial issues unless it’s for the role of helping to develop practical ways in which to improve a persons quality of life, such as through setting up invoice only and automated payments whereby the risk associated with access to cash is diminished.

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