Financial abuse of the elderly and vulnerable: How to spot the warning signs
Now described as a ‘hidden epidemic’, the financial exploitation of older people is a widespread and growing problem.
The charity Hourglass, formerly Action on Elder Abuse, has seen a 49% increase in calls from older victims of financial abuse in the last year with those contacting its 24/7 helpline reporting more than £53 million in financial losses.
In a bid to raise awareness of this distressing issue, the Society of Trust and Estate Practitioners (STEP) has launched a ‘Spot the Signs’ campaign so that people can better protect loved ones at risk.
Says STEP’s Emily Deane: “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.”
What are the most common kinds of financial elder abuse?
It can be carried out by anyone close to the victim – spouses, children, grandchildren, nieces and nephews, carers and those in a position of trust and responsibility. Examples include:
- Theft and the improper use of money or assets.
- Fraud including forging signatures.
- Misuse of powers of attorney and other legal documents.
- Forcing the elderly person to sign a document through deception, coercion or undue influence, for example transferring ownership of a car or shares.
- Persuading someone to pay more than they need to for something like accommodation or shopping then pocketing the difference.
What are the warning signs of suspected financial elder abuse?
This can be difficult, as much of the abuse inevitably takes place behind closed doors. However, common indicators include sudden or unexpected changes like:
- Unexplained withdrawals from bank accounts or significant transfers of money.
- Extra names on bank accounts or benefit payments.
- The sudden arrival on the scene of previously uninvolved relatives or ‘close friends’.
- A change in the victim’s spending habits – for instance, a sudden increase in the amount of money being withdrawn each week when it’s been the same for years.
What should I do if I suspect someone of financial elder abuse?
Financial abuse is a crime reportable to the police and Hourglass, formerly Action on Elder Abuse, has a confidential helpline - 0808 8088 141 - to provide information, advice and support to victims and anyone concerned about abuse. You can also send a free text to 078 6005 2906.
Call 999 if you are reporting a crime or someone is in immediate danger.
How can a solicitor help spot the warning signs of elder abuse?
Using a solicitor to draw up important documents like a Will or a Lasting Power of Attorney (LPA) for an older client offers an important safeguard against abuse.
Using DIY online versions of these documents means there is little to stop an elderly person being misled into signing something they don’t understand or aren’t happy with by someone they trust or don’t want to offend by raising questions.
A solicitor, who is trained to look out for anything that doesn’t seem right, will always spend time with the elderly person to make sure they really do want to enter into the proposed transaction.
Read more about what we have written on this subject by clicking here.
Why choose Wards Solicitors?
Most of our lawyers are members of The Association of Lifetime Lawyers (formerly Solicitors for the Elderly) and the Society of Trust and Estate Practitioners (STEP). Both organisations require the highest standards of their members with proven qualifications and experience.
We can explain how to reduce the risk of abuse and prepare legal documents which contain the appropriate safeguards and provide the relevant advice to the elderly client’s legally appointed attorney or deputy.
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Wards Solicitors wins high praise in the 2025 edition of the independent Legal 500 guide of outstanding legal professionals for its exceptional professional service standards and high levels of technical expertise.
It has also recently been named as Regional Law Firm of the Year by Bristol Law Society and our Wills, Probate and Mental Capacity team has also won the Devon and Somerset Law Society’s Private Client Team of the Year.
- We offer a free initial appointment to discuss what is needed and always provide clear cost details up front before starting any work.
Please contact any member of Wards Solicitors’ Wills, Probate and Mental Capacity Team.