Spot the signs of financial abuse

Financial abuse is a hidden epidemic – and it’s more common than you might think.

According to the World Health Organization, one in 15 adults over 60 experiences financial abuse each year.

STEP, the global professional body for trust and estate practitioners, has launched a ‘spot the signs’ campaign to raise awareness and help people identify this issue.

Why should you care?

Financial abuse can happen to anyone, especially older adults and those living with dementia.

Emily Deane from STEP highlights how losing the ability to manage finances makes individuals more vulnerable to exploitation:

“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.”

Signs of financial abuse

So, what should you be on the lookout for?

Here are some warning signs:

• unexplained cash machine withdrawals or missing funds
• isolation from friends and family, with one person controlling their life
• unpaid bills, even when someone is supposed to handle finances
• assets transferred to a family member or outsider without clear reasons
• a decline in living standards, like lacking heating or food

Understanding financial abuse

Financial abuse involves controlling someone's money or assets, often by someone they trust.

Examples include:

• taking gifts or money without asking
• scamming vulnerable individuals
• forcing someone to change their will

Read more about spotting the signs of financial abuse with this guide.

Take action

If you suspect financial abuse, it’s important to act. Financial abuse often goes hand in hand with other forms of abuse. If you’re in immediate danger, call 999.

If you’re not in immediate danger but are worried about your safety, you should contact one of the following 24-hour domestic abuse organisations:

• National Domestic Abuse Helpline (England) – 0808 2000 247
• Live Fear-Free Helpline (Wales) – 0808 80 10 800
• Domestic Abuse and Forced Marriage Helpline (Scotland) – 0800 027 1234
• Domestic and Sexual Abuse Helpline (Northern Ireland) – 0808 802 1414

If you’re not worried about your safety but you still need help, Surviving Economic Abuse offers support and information for people suffering financial and economic abuse.

The Financial Support Line can also provide specialist advice on 0808 196 8845.