The Care Act 2014 describes ‘financial abuse’ as a type of abuse which includes having money or other property stolen, being defrauded, being put under pressure in relation to money or other property and having money or other property misused.
What is financial abuse?
While the Care Act 2014 definition is clear, financial abuse take many forms. It’s a type of abuse that can start subtle and is often hard to detect.
When defining financial abuse, we know there are many elements at play. It is true that financial abuse often involves or is associated with:
• Someone taking or misusing someone else’s money or belongings for their own gain
• Harming, depriving or disadvantaging the victim
• Controlling someone’s purchases or access to money
• Often associated with other forms of abuse
• Doesn’t always involve a crime like theft or fraud
Types of financial abuse
What financial abuse looks like can vary which can make it difficult to detect and identify. As the Care Act 2014 definition shows, financial abuse can be concerning money, property or belongings.
Financial abuse might look like:
• Borrowing money and not giving it back
• Stealing money or belongings
• Taking pension payments or other benefit away from someone
• Taking money as payment for coming to visit or spending time together
• Forcing someone to sell their home or assets without consent
• Tricking someone into bad investments
• Forcing someone to make changes in wills, property or inheritance
Signs of financial abuse
If suspect that you, or someone you know might be a victim of financial abuse, here are some of the behaviours and signs that might suggest financial abuse could be happening:
• Unexplained money loss
• Lack of money to pay for essentials such as rent, bills and food
• Inability to access or check bank accounts and bank balance
• Changes or deterioration in standards of living e.g. not having items or things they would usually have
• Unusual or inappropriate purchases in bank statements
• Isolation and withdrawal from friends and family
• Lack of things you’d expect someone to be able to afford e.g. TV, grooming items, clothing
Who commits financial abuse?
Financial abuse can be committed by anyone anywhere, even people employed to provide care.
This might include:
• Spouses, friends, family and neighbours
• People employed to provide care
Who is at risk of financial abuse?
Financial abuse can affect anyone. It often takes place where there is an unequal balance of power.
This can happen when:
• Someone is a victim of anther form of abuse such as domestic abuse or violence
• Someone has a learning disability
• Someone has a medical condition
• Someone takes medication