Daily Money Management Services

Daily money management is a term used to describe the growing profession of Daily Money Managers (DMM) in the United States. Daily money management, as the name suggests, relates to the provision of personal financial management for individuals that are incapable or unwilling to attend to this everyday task themselves. Many clients of daily money managers in the United States are older people or adults with sensory or physical learning disabilities although some daily money management services provide assistance specifically for 'time poor' individuals that hire a DMM to manage their finances on their behalf.

The American Association of Daily Money Managers (AADMM) is an organisation that has been started to self regulate daily money managers and to provide best practice guidelines also. In the United Kingdom, daily money management services have recently been spearheaded by the social enterprise organisation Money Carer. In the UK research commissioned by the Actuary Profession has highlighted that need for better provision of asset and money management services given the fragmented manner in which daily money management services are provided informally via carers and family members of vulnerable adults. Formal money management provision includes corporate appointeeship and deputy services via local authorities and other organisations when a vulnerable adult has no suitable relatives or friends that can undertake daily money management tasks.

It is widely acknowledged that the current processes that represent the vast majority of daily money management arrangements for vulnerable adults are often less than secure and exposed to incidences of financial abuse. Indeed recent research commissioned by the charity Action On Elder Abuse highlights the extent of the problem in the UK

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