Managing money

As with food, security surrounding access to money is also essential. When a child moves through their teens and into adulthood, routine, security and guidelines are important as money is a means to access food. Without this security, there are many health implications, including unchecked weight gain and a danger of necrosis of the stomach wall due to bingeing while having the opportunity.

Individuals with PWS are liable to make extravagant and unwise purchases, and to be manipulated into sharing cash or entering into contracts without due care.

During these teenage years is the time to start considering how finances will be managed moving into adulthood. Parents and Carers do not have an automatic legal right to manage their son or daughter’s finances. Parents should also not rely on their young child’s acceptance and compliance of restricted or supervised spending to be such an easy task during adolescence and especially after reaching the milestone of independence at age 18. Teenagers can be difficult!

Although in adulthood some individuals will be quite happy for their parents or Carers to continue to manage their finances for others it can be a frustrating and emotional time. To agree to the loss of control in another area of their lives, an expectation that their peers would take for granted can be a blow to the individual’s self-esteem and they may be angry. This is not a good time to begin discussions.

Incidental, gradual discussions with your child about the supports available to help them to be independent as they move into adulthood are important before NDIS and pensions become available. It is important that these conversations are appropriate for age and understanding but having these small discussions over time will hopefully make the decisions and discussions when transitioning into adulthood a little smoother. 

Teens and adults need to feel empowered and to have some input into decisions so that you have an understanding of their needs and desires when preparing a management solution. Discuss options available that will provide them with the maximum independence while keeping their money safe and while remaining healthy. 

For further information and advice regarding options we recommend that you contact the Office of the Public Guardian (or equivalent service) in your State. They will be able to provide information on the formal options that are available. 

It is always best to plan ahead and we strongly recommend that you consider and  research options available well before your son or daughter turns 18.

An example of the concept of financial administration is explained on the Public Advocate’s website.