Financial abuse can be hard to spot, but heart-breaking when it happens. Whether it’s older people who have worked hard all their lives, to accumulate assets, or vulnerable younger people who should be helped and supported not prayed upon, it’s important we do our bit to protect them.
You might have someone in your family who is getting a little older, getting a little frailer, maybe losing some of their mental capacity. It’s a truly horrible thought, but there are people out there who might seek to take advantage of them.
So a new campaign to raise awareness of the warning signs of financial abuse and offer advice when it happens has really piqued our interest.
The Society of Trust and Estate Practitioners (STEP) launched the campaign after a survey of its 21,000 members who work in law and finance discovered that a majority of those members had seen actual or suspected abuse of vulnerable people.
It can be hard to spot the signs of financial abuse so STEP has produced a number of resources. Here are their 16 signs that might signify someone is financially abusing your loved one:
- The giving of large gifts or loans that might put their financial security at risk.
- New or changed estate planning documents that seem unusual or were signed by others.
- Confusion or uncertainty about the value of their own assets or finances.
- Unexplained cash machine withdrawals when they couldn’t have accessed the account.
- Signatures on cheques or documents that don’t match their own or appear when they can’t write.
- Sudden, unexpected changes to a will that favour a new friend or one specific person.
- A person showing unusual interest in their assets or spending habits.
- Assets suddenly transferred to a family member or someone outside the family without a clear reason.
- Small amounts of cash disappearing, especially after visits from certain people.
- Unpaid bills or overdue payments, even when someone is supposed to handle finances.
- Decline in living conditions, lack of essentials like heating, food or clothing.
- Missing basic items like a phone, grooming products or appropriate clothing, despite their budget.
- The person managing finances is unhelpful or secretive.
- Lack of financial records from a care home, caregiver or financial appointee.
- Isolation from friends and family, leaving one person in control of their life.
- Missing funds or valuables, like jewellery, art, or other personal items.
Help to prevent your loved ones from financial exploitation. Take a look at these STEP links and be equipped to spot signs of abuse and prevent them.
Some simple ways you can keep your loved ones safe from financial abuse
What are the signs to look out for?