Older people have always been a go-to target for financial abuse, especially now that new technology is exposing new vulnerabilities. According to Age UK, tens of thousands of older people are at risk of financial abuse, especially those with dementia or reduced cognitive functions. Now the charity is calling on banks and other organisations to help control the issue.<\/p>\n
According to the latest figures, at least 130,000 people over 65 have experienced financial abuse from someone they know. With the majority being women aged 80 to 89 and either living on their own, widowed or single.<\/p>\n
Aside from the obvious effects unnecessary loss of money can have, this kind of abuse is also associated with a drop in mental health and resilience. And while the recent Citizens Advice and British Bankers Association report on financial abuse in partner relationships recognises the issue, Age UK wants to see the older generations factored in too.<\/p>\n
Roughly 300,000 older people depend on outside help with transactions. With disabilities and cognitive decline only increasing the risk of financial abuse, the charity is calling for better banking protocols and staff training to spot the signs of financial abuse and help older customers.<\/p>\n
This isn\u2019t limited to the financial sector. Age UK wants professionals from everything from the legal trade to social services to help identify financial abuse and take action.<\/p>\n
Scammers and rogue traders are a growing problem. Scams are becoming increasingly sophisticated and, while anyone can be targeted, Age UK warns that older people and those experiencing cognitive decline are most at risk. And sadly, the evidence shows that half of all non-scam instances of financial abuse were carried out by the victim\u2019s adult children. Age UK is calling on banks to improve their detection systems and change their approach to liability.<\/p>\n