130,000 older people have suffered financial abuse from a relative or someone they know

A new study has revealed that at least 130,000 older people have suffered some form of financial abuse from a relative or someone known to them since turning 65.

According to Age UK, tens of thousands of older people are at risk of financial abuse, with those with dementia or reduced cognitive function the most vulnerable.

The charity said that women are twice as likely as men to be victims of financial abuse in later life, with the majority being women aged 80 to 89 and living on their own, single or widowed.

Age UK is warning that financial abuse can have a serious impact on older people, both financially and emotionally.

Loss of even a small amount can be catastrophic -especially for those on low incomes – and abuse of this closely linked to negative health outcomes.

Despite many people believe that rogue traders and scammers are the biggest threat, the evidence shows that family members can often be the perpetrators.

Worryingly, half of all of this type of crime – excluding scams – is carried out by the adult children of the victims.

Age UK believes that the banking sector should take more responsibility for scams perpetrated using bank accounts opened with and said better systems are needed to identify and prevent fraud from occurring as early as possible.

Caroline Abrahams, charity director at Age UK, said: “An ageing population brings many positives but also challenges, such as the steep rise in the numbers of older people with dementia and other cognitive problems – which we know are a major risk factor for financial abuse.

“That’s why it is so important that we develop practical tools for organisations, not just in the financial sector but in health and care too, to help staff who engage with older people to be alert to cognitive decline, the consequent risks of financial exploitation and abuse, and how best to prevent and tackle them.’

“In addition, the fact that the overwhelming majority of families want only the best for their older relatives should not blind the authorities to the sad reality, which is that financial abuse does sometimes happen in families, just as we know other forms of abuse do too.”

Age UK offers a free advice service for older people who are affected by any of these issues. People can call Age UK Advice free of charge on 0800 169 6565, visit www.ageuk.org.uk or contact their local Age UK for further information.