Over 1 in 10 people have suffered from financial abuse, report finds

New research has found that 11% of people say that they have suffered “financial abuse”, and 20% know someone else who has experienced it.

The new Red C poll, which was commissioned by Safeguarding Ireland, was created with the aim of sharing how older people are especially vulnerable to financial exploitation.

The study found that a large majority of victims – 85% – already knew their financial abuser. Meanwhile, of those who have witnessed financial abuse happen to someone else, the abuser was known in 78% of cases.

The report discovered that the identities of these financial abusers ranged from family members, carers and neighbours, to social welfare agents and workers.

The most common forms of stealing were found to be taking cash from the house, not giving back change, misusing a bank card, or taking property and/or possessions without prior knowledge or consent.

Almost one in two cases involved an online scam or fraud through the misuse of online banking, while two out of five cases were as a result of social welfare payments being stolen. Meanwhile, 29% of those surveyed felt pressure to change documents such as a property deed, enduring power of attorney or a will.

Speaking about the shocking new findings, Safeguarding Ireland chairperson Patricia Rickard-Clarke said financial abuse was a worrying issue among older people, especially those who are frail. It can also be a concern among people who have an intellectual or physical disability, a brain injury or mental challenge.

“It can happen when someone is dependent on another person for help, and that person subtly misuses their money. This can start small and escalate into serious crime, but all financial abuse at any level is wrongdoing and must be called out,” she explained.

“The message for Adult Safeguarding Day is to encourage all adults – including those with decision-making and capacity challenges – to keep in control of their own money as much as possible, to be very careful about who to trust and to plan for the future,” she added.

Advice on how to protect your finances from scams and financial abuse can be found on the HSE’s website here.