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Exposing family financial abuse: A silent crisis

Financial abuse is an escalating concern, and contrary to common belief, a substantial portion occurs within families.

This article aims to shine a spotlight on this often-overlooked issue, emphasising the imperative for awareness and proactive measures.

In 2008, a Help the Aged report disclosed that a staggering 70% of financial abuse against older people is committed by family members, with an alarming 60 to 80% occurring within the victim's own home. Furthermore, approximately half of the financial abuse cases in the UK involve the victim's adult children.

The aging population exacerbates family-related financial abuse, necessitating increased vigilance. As individuals live longer, managing complex financial resources becomes challenging, creating opportunities for exploitation.

The Financial Vulnerability Taskforce's report is pivotal in addressing this issue, raising awareness about family financial abuse, often considered an unspoken problem. This timely response is crucial as we combat the surge in fraud and scams, amplified by the recent pandemic.

Effective solutions require a comprehensive understanding of the issue's scale and motivations. In-depth research is essential to uncover the driving forces behind family-based financial abuse, be it avoiding care home fees or inheritance tax, or a perception that the money is rightfully theirs.

Ignoring this issue has severe consequences. Victims suffer financial losses, burdening taxpayers as care fee debts accumulate. The problem extends beyond local authorities, impacting various agencies and society.

Similar to the evolution in understanding child abuse, assumptions about financial abuse must be challenged. It's not just external criminals; it's happening within families.

Success Story: Norfolk County Council

Norfolk County Council's implementation of a Financial Abuse and Safeguarding Officer (FASO) has proven effective. Acting as a point of contact, aiding investigations, and collaborating with agencies, the FASO safeguards finances within families.

Importance of Safeguarding Adults Boards (SABs)

Engaging Safeguarding Adults Boards (SABs) is crucial in responding to financial abuse within families. Their involvement is vital to raising awareness and fostering collective action.

Addressing the Crisis

Family financial abuse is a pressing issue with widespread consequences. Research, training, and awareness campaigns are crucial to combat this hidden crisis. It's a public health concern affecting psychological well-being, increasing healthcare costs, and straining social care and law enforcement agencies. Addressing this issue collectively is key to protecting loved ones from financial exploitation.