A Hull-based business has launched听GuardianCard, a virtual card designed to protect the most vulnerable people in society.听
Founded听by friends and former colleagues Nick Thompson and Aidan McAllister after personal experience saw them both care for older relatives鈥� finances,听GuardianCard听aims to provide a solution to financial abuse in the older generation, whilst acting as a safety net for their day-to-day finances.听
Described as a safe and secure banking solution for relatives who want to assist in managing the finances of older or vulnerable family members 鈥� without removing their independence 鈥� the founders say听GuardianCard听has all the functionality of a debit card, but also allows the card holder to issue a virtual card to a relative or carer so they can shop or pay bills on their behalf with total control and transparency.听
App听technology also allows the cardholder and a trusted relative to receive real-time transaction reports to help spot any suspicious activity.听听
A recent report by Age UK听found听that approximately 130,000 people over 65 who live in the UK have suffered financial abuse, with 70 per听cent of financial abuse perpetrated by family members.听
The personal finance platform is also a suitable service for those seeking power of attorney.听
Following听significant investment to bring听GuardianCard听to market, the duo has听ambitious plans to grow to 100,000 members over the next five years.听听
McAllister,听who spent much of his working life providing tech solutions to the care industries, including The Phone Co-Op said: 鈥淲e know that supporting and caring for an older loved one can be stressful and tiring and there is always the temptation to stick one鈥檚 head听in the sand and avoid some big realities.听听
鈥淥耻谤听vision for听GuardianCard听is to offer a solution to be part of that caring role and provide people with听older and vulnerable loved ones a much higher degree of financial security.听
鈥淐OVID-19听has created a real problem in this industry, in that it has become even more difficult to keep older听relatives safe and secure from dodgy scams and fraudulent activity.鈥�听
It is estimated听that around 5.4 million people in England provide care for friends or relatives in an unpaid capacity and the number of sandwich carers 鈥� those who take care of young children at the same time as elderly relatives 鈥� is on the increase, with 2.4m believed听to be present in the United Kingdom.听
Thompson,听who worked alongside听McAllister听at The Phone Co-Op听as CEO,听added: 鈥淐onversations around finances can be awkward and sometimes avoided altogether.听GuardianCard听is the perfect way to open up these conversations, allowing older people to retain their independence while providing a safety net to ensure that they听are less vulnerable to theft or financial loss.鈥�听
As听well as ambitious plans for growth, the company has pledged to donate five per cent of its annual profits to its internal Golden听Years Community Project – a platform dedicated to supporting the older generation, as well as giving each staff member three days off a year to volunteer with their chosen charity.听