Elderly 'face financial abuse risk'

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Help the Aged said financial abuse was now thought to be second only to neglect as the greatest threat to older people.

The charity has called for existing legislation to be enforced and for those guilty of elderly financial abuse to be prosecuted.

It said complex financial products and services combined with the widespread closure of post offices meant greater numbers of older people were at risk.

It plans to create a financial abuse taskforce and has released guidelines to identify and prevent the problem.

Help the Aged's head of policy, David Sinclair, said: "After neglect, financial abuse is estimated to be the second most common form of abuse older people face.

"Initiatives such as chip and pin, the rise of internet banking and widespread closure of local banks and post offices mean older people could be at greater risk of this kind of abuse than ever before. One of the problems is that this form of abuse is ill-defined and poorly understood."

Financial abuse ranged from family members forcing older relatives to accept lower quality care to save inheritance money or accessing an account without permission to overcharging for simple work around the home.

Research commissioned by the charity found victims could become distrustful, fearful and withdrawn. Older people could also lack the time or resources to recover financially.

Help the Aged said older people could lessen their risk by establishing a relationship with bank staff, putting all financial instructions in writing and keeping accurate records.