What You Should Know:
- Carallel, the leading provider of holistic support, guidance and assistance for family caregivers, and myFloc, an AARP Innovation Labs portfolio company that connects family, friends and caregivers on a common expense platform, today announced a strategic partnership to tackle some of the most complex challenges that come with being a family caregiver.
- Caregivers help their loved ones in a variety of ways, from health advocacy (56%) to monitoring health conditions (71%) to managing activities of daily living (60%), according to a 2020 AARP report. But, beyond these well-recognized responsibilities, nearly all (92%) caregivers are also financial caregivers. They help manage their loved one’s money and other assets and help with everyday financial matters.
Empowering Holistic Care: Carallel and myFloc Partnership
Managing finances can be intricate and emotionally charged, leading to conflicts among family members. Adding to the complexity is the rising prevalence of elder financial exploitation, as highlighted in a 2022 AARP report that revealed a more than twofold increase since the onset of the COVID-19 pandemic in 2020.
The partnership between Carallel and myFloc combines top-notch solutions to simplify caregiving. Caregivers on the Carallel platform now have seamless access to myFloc, easing financial challenges for family, friends, and non-kin caregivers.
Carallel and myFloc eagerly anticipate extending these enhanced benefits to customers, offering a comprehensive solution through a single contract to empower employees, members, and clients. MyFloc’s financial platform, designed for older adults and caregivers, features a prepaid debit card-based system. This system allows care recipients to maintain financial autonomy, monitor expenditures, and seek assistance on their terms. Moreover, care recipients can invite selected team members to use myFloc cards, complete with specific controls, permissions, and notifications, with the option to provide visibility into the entire myFloc account.
“Managing a loved one’s finances and dealing with day-to-day expenses is incredibly challenging for reasons that go well beyond the math,” said Shara Cohen, CEO of Carallel. “We hear from caregivers every day struggling within their families about this topic, worrying that their loved one is being taken advantage of or trying to protect against scams. myFloc offers a really important solution for this all-too-common challenge.”
