STEP has launched a ‘Spot the signs’ campaign to raise awareness of the warning signs of financial abuse so that people can better protect loved ones at risk.
The ‘Spot the signs’ campaign follows concerns raised by STEP members that financial abuse is widespread and increasing. This includes hidden financial abuse that often doesn’t come to light until after the person has died. The charity Hourglass has seen a 49% increase in calls from older victims of financial abuse in the last year. They also recorded over £53 million in reported financial losses amongst those contacting its 24/7 helpline and say this is just the tip of the iceberg.
STEP has previously reported that:
- 70% of UK practitioners, including solicitors and those helping clients with estate and wealth planning, have observed instances of actual or suspected financial abuse.
- 59% of practitioners globally also raised concerns about the lack of public awareness, education or vigilance of financial abuse
- 40% of those surveyed by STEP said that instances of financial abuse have increased in the last two years and 82% expect demand for mental capacity advice to increase.
Emily Deane TEP, Technical Counsel and Head of Government Affairs at STEP, said:
“The financial abuse of older people, the vulnerable and those living with dementia is a hidden epidemic, and it’s on the rise. When you lose the ability to manage your own finances, you are increasingly reliant on others and at much greater risk of financial abuse.
Financial abuse can be hard to spot, and in some cases may be unintentional. A family member might not think they are doing anything wrong. They may mistakenly think they are entitled – but this is financial abuse. To better protect your loved ones, it’s vital for everyone to spot the signs and take action to stop abuse. Stay connected, listen and ask questions, and seek help if you suspect something isn’t right.”
STEP is encouraging people to visit www.step.org/spot-the-signs to find out more about the signs of financial abuse and how to help prevent it. The signs to look out for include money disappearing after visits, lack of financial records from a care home, or a new person showing unusual interest in your loved one’s assets or spending habits. Other signs to look out for include:
- unexplained cash machine withdrawals, missing funds and valuables;
- isolation from friends and family, leaving one person in control of their life;
- unpaid bills, such as care home or household bills going unpaid or overdue payments, even when someone is supposed to handle the finances;
- assets suddenly transferred to a family member or someone outside the family without a clear reason; and
- a decline in living standards or lack of essentials like heating, food or clothing.
Financial abuse involves the unauthorised or improper use of an individual’s money or assets, often by someone they know or trust. Examples include:
- keeping the extra change and helping yourself to gifts and money;
- scamming and grooming of older and vulnerable people for financial gain;
- undue influence to make someone change a will;
- lasting power of attorney coercion when an unscrupulous family member, friend or fraudster tries to force a vulnerable person into appointing them as a representative; and
- predatory marriage.
In 2024, research conducted by Hourglass, the UK’s only charity focused on the abuse and neglect of older people, found that over 26% of people did not believe that forcing an older relative to change their will was an act of abuse. Veronica Gray, Deputy CEO and Director of Policy at Hourglass, said:
“At Hourglass, we hear about the financial and emotional impact of abuse on vulnerable people every day through our helpline. We have sadly noted an increase in demand for our services, with a 49% increase in calls from older victims about financial abuse within the past year. This is why we are fully supportive of the aims of STEP’s “Spot the signs” campaign. We welcome this initiative and the campaign resources that will help people understand what financial abuse of older people can look like.”
A global review by the World Health Organization (WHO) estimated that one in 15 older adults aged 60 and above experience financial abuse annually. Hourglass believes that this is a significant underestimation.
