In FocusOne In Four People Aged 70+ Admit To Being...

One In Four People Aged 70+ Admit To Being A Victim Of Financial Abuse

-

- Advertisment -sslate

A quarter of people aged 70 or above have suffered financial abuse, according to a new survey which details the shocking scale of the problem.

The report – by new financial service GuardianCard, whose co-founder’s mother-in-law was frauded – also reveals that more than half (56%) fear they’re more of a target for thefts, scams and frauds due to pandemic.

Covid, financial pressures and social isolation have created a ‘perfect storm’ with older people even more dependent on carers, family and friends and at greater risk of financial abuse from loved ones, rogue traders and professional scammers.
Financial abuse of the elderly can include having money or property stolen, being defrauded, being put under pressure in relation to money or other property or having money or property misused.

card

It can be as simple as a carer, relative or neighbour stealing from an elderly person by adding items for themselves when doing their shopping for them, while in more serious cases people can be tricked into losing their entire life savings or pressured into changing their will or selling their home.

Alarmingly, the most common type of financial abuse cited by the 2,000 70+ people surveyed was falling victim to professional scammers, with 68% of people that had been victim to financial abuse saying they had been targeted in this way.

Other victims had been mis-sold goods, services or investments (34%), trusted someone who failed to act in their best interests (23%) or had a family member steal from them (13%).

Financial abuse can also have a serious emotional impact, with some victims saying they had suffered ill health and psychological problems such as lost confidence, self-esteem and shame.

Almost two-thirds (63%) of those surveyed said they were worried about falling victim to financial abuse, with 28% suspecting they’d already been targeted.

The reasons given included technological advances/internet scams (38%), feeling socially isolated or vulnerable (23%) and a lack of family support or advice (21%).

More than a quarter (26%) said they found organising their finances ‘complex’ or ‘overwhelming’ with a further 17% admitting to not being ‘well placed’ to make financial decisions.old

And 39% admitted they had been forced to rely on someone else to look after their finances for things such as shopping during the pandemic due to being unable to leave the house.

The survey also shows how the children of those aged 70+ share many of their concerns about financial abuse.

More than half (55%) admitted they were worried about their parents becoming victims, while 26% said they didn’t trust third parties with their parents’ finances, or their parents only trusted them (16%).

jennie

TV presenter Jennie Bond has thrown her weight behind GuardianCard’s In Safe Hands campaign to improve financial safety for the vulnerable. Bond said: “It’s truly shocking that a quarter of people aged 70+ have been a victim of financial abuse while a similar number suspect they’ve been victims.

“Sadly, there are always people who are willing to take advantage of elderly people, whether it’s family members, carers or professional scammers.

“It’s also apparent that Covid has made them more of a target for financial abuse. The ongoing pandemic has created a perfect storm as elderly people have become even more socially isolated and vulnerable while there are those – perhaps facing financial pressures and money troubles – who see it as an opportunity to scam or steal from them.”

Nick Thompson, co-founder at GuardianCard added: “Conversations around finances can be awkward and sometimes avoided altogether. The pandemic has accelerated this, with 14% of those aged 50 to 70 having to step in and get involved in their parents finances.

“Our report findings are hugely alarming, and it’s no wonder that nearly a quarter (24%) of this age group worry their parents will be taken advantage of. It is simply not good enough.

“GuardianCard was established following personal experience within my immediate family of financial abuse in the elderly. Luckily, we spotted it before it was too late – but we’ve created a financial service to help the most vulnerable, whilst still allowing the senior population to retain their independence.”

Sunshine Slate
Sunshine Slatehttps://www.sunshineslate.com
Sunshine Slate is your news, entertainment, music fashion website. We provide you with the latest breaking news and videos straight from the United States of America.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Survivors Call for Monument in Honor of Fallen Heroes

Congress is moving forward with plans to build the monument to honor the 3,600 Americans who have earned the nation's highest award for valor in combat.

Starting a Business informally is beneficial for Growth

Starting a business informally almost always benefits its development in the early stages, new research from NEOMA Business School reveals.

Why Must You Go for Professional Lawn Mowing Services?

The best Lawn Mowing specialist is knowledgeable about different grass varieties. Know the reasons why you must know.

Best Apps for your New Mobile Phone

We can install any app from the google play store very quickly. Let’s take a look at some most amazing apps for android mobile phones.
- Advertisement -

Upgrade Your Outdoor Space With Outdoor Travertine Tiles

Outdoor travertine tiles are a durable and stylish option for any outdoor space. Here's the complete guide for it.

Why The Eye Drop Product Recall is causing all this Panic?

In this article, we will discuss what eye drop product recalls are, why they happen, and what you should do if you have a recalled eye drop product.
edealo.com
- Advertisement - Motel 6
transformerscon

Must read

Survivors Call for Monument in Honor of Fallen Heroes

Congress is moving forward with plans to build the monument to honor the 3,600 Americans who have earned the nation's highest award for valor in combat.

Best Apps for your New Mobile Phone

We can install any app from the google play store very quickly. Let’s take a look at some most amazing apps for android mobile phones.
- Advertisement -
- Advertisement -sslate

You might also likeRELATED
Recommended to you