STEP, the professional body for trust and estate practitioners, has launched its ‘Spot the signs’ campaign to highlight the warning signs of financial abuse and help people protect loved ones at risk. The initiative follows concerns raised by STEP members that financial abuse is both widespread and increasing, with many cases only coming to light after the victim has died.
The charity Hourglass has reported a 49% increase in calls from older victims of financial abuse in the past year. It recorded more than £53m in reported financial losses through its helpline but warns this is likely only a fraction of the true scale of the problem. STEP’s own research found that 70% of UK practitioners have encountered cases of actual or suspected financial abuse, while 40% say instances have increased in the past two years.
Emily Deane, 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 learn more about the warning signs of financial abuse and how to help prevent it. Red flags include missing money or valuables, unpaid bills despite someone managing finances, unexplained cash withdrawals, and a sudden decline in living standards. Other warning signs include a new person taking an unusual interest in an elderly person’s assets or isolating them from family and friends.
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 World Health Organization (WHO) global review estimated that one in 15 older adults experience financial abuse each year, though Hourglass believes this is a significant underestimation.
