Financial abuse, also known as economic abuse, is when someone causes you harm by controlling or mishandling your finances or assets.  Abuse is never acceptable. There is action you can take to protect yourself and help available if you need it.

What is financial abuse?

If someone causes you harm or distress by misusing or controlling your finances, this is financial abuse. This can include theft, scams or someone pressuring you to use your money in a way you don’t want to. Financial abuse might happen once or many times. It can also happen at the same time as other kinds of abuse – see our webpage Protecting yourself against harm.

People responsible for abuse often take advantage of a special relationship. They may be a friend or family member or even a paid carer. It is also possible that you do not know the person who is financially abusing you. Whatever the situation, financial abuse should not be tolerated.

Who is at risk?

Anyone can be at risk of financial abuse. It is not a reflection on your intelligence or your worth. Some people may be more vulnerable – for example, if you are isolated and have little contact with family or friends, or if you have dementia or difficulty communicating. You may also be at risk if you have a learning disability, or if you are sight or hearing impaired.

It’s not your fault, and you can put a stop to it.

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Types of financial abuse

  • Theft – when someone uses your finances or possessions in a way you have not agreed to. This also includes overcharging for work that has been carried out – for example, gardening or plumbing.
  • Identity fraud – when someone gets hold of your identification documents so that they can get access to your finances.
  • Coercion – when someone tries to convince you to use your money in ways that you don’t want to. This can be someone putting pressure on you to change your will, transfer money, sign away property or give away valuables. Find out more about coercion in our guide Staying in control.
  • Scams – attempts to trick you into mishandling your money. Learn more on our Scams page.
  • Misuse of money – when someone uses your finances in a way you have not agreed to – for example, if you have given money to someone to go to the shops for you and they buy something you did not ask for.
  • Misuse of resources – when someone uses your home, car or other resource without your permission – for example, if someone uses your car to run errands, but does not tell you.

Examples of financial abuse

Mary’s niece, Elizabeth, needed a place to stay after losing her job, but she has now lived in Mary’s flat for two months without paying rent. When Mary asks Elizabeth to move out so that she has more space, Elizabeth makes excuses and avoids conversations. 

This is an example of misuse of resources. Mary may want to consult a close friend or family member for advice before speaking to Elizabeth about her plans to move out. The friend may even be able to speak to Elizabeth with her, for added support during the conversation. For advice on talking about difficult subjects, see our webpage Practical tips for sensitive conversations.

Jonathan’s neighbour sometimes comes over to help with the shopping. After the last few visits, Jonathan has noticed notes missing from his wallet. 

This is an example of theft. Jonathan can get in touch with Hourglass for advice about reporting financial abuse, or he can contact our Helpline. He can also report his suspicions to the police.

Jonathan should also find someone he trusts to help with his shopping. The Royal Voluntary Service may be able to connect him with a volunteer who can help him with his shopping. Or, if he lives in England, he may be able to get help from his local Age UK.

Annie is happy in her home, but her adult children are pressuring her to sell it, insisting that she would be more comfortable in a smaller, less-expensive home. She feels uncomfortable about it, but when she asks them to stop, they ignore her. 

This is an example of coercion. Annie might want to schedule a conversation with her children where she can lay out her concerns and explain that she does not intend to move out of her home. It may be helpful for her to have a friend or even an advocate present for the conversation – for more information about advocacy, see our webpage Independent advocacy.

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Signs that you are being financially abused

If you notice any of the following, it is possible you are being financially abused:

  • strange activity on your bank statement – for example, purchases you don’t remember making, or transfers you have not approved
  • belongings going missing, particularly items that are valuable
  • cash going missing from your purse or wallet
  • pressure from people around you – including relatives and friends – to transfer ownership of property or give away valuables.

How to get help

You can also report financial abuse to your GP or other NHS healthcare provider, or adult social care team. If you report it to your adult social care team, a social worker will speak with you about ways to resolve the situation. If you are still at risk of abuse, they will start a safeguarding enquiry which could be a conversation or a more formal course of action involving other agencies. If a crime has been committed, the police may get involved.

If you have experienced financial abuse, there are organisations that can help:

  • Hourglass provides confidential advice on reporting financial abuse – contact their helpline on 0808 808 8141.
  • Victim Support supports people who have been affected by a crime. They can help you understand the rights and services you’re entitled to. They can also direct you to specialist organisations if you need additional help.
  • You can report fraud and cybercrimes to Action Fraud.
  • Surviving Economic Abuse and Money Advice Plus have partnered to offer a Financial Support Line to advise people experiencing financial abuse. 

If you think a crime has been committed, you can report it to your local police by calling 101.

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How to prevent financial abuse

It is not always possible to prevent financial abuse before it happens, but there are steps you can take to be more aware:

  • Keep a close eye on your finances. Review your bank statements regularly, or have a trusted friend or family member do this for you. If you notice any unusual activity, contact your bank immediately.
  • Be mindful of who has access to your purse or wallet.
  • If you have people coming and going from your house, keep your possessions, especially valuables, in a safe place away from areas that are visited more frequently.
  • Ask friends and family for recommendations if you need work done around the house. Try to call several tradespeople and get a few quotes to make sure you’re getting a fair price. If a tradesperson comes to your door and offers to fix an issue that you were not aware of, be wary. Don't agree to get any work done that day. There may not be an issue at all, and they may be trying to scam you. To learn how to spot and avoid scams, visit our webpage How to avoid a scam.

How to protect yourself

If there comes a time when you are unable to make your own decisions, you can arrange for someone you trust to make decisions on your behalf.

A lasting power of attorney is a legal document that gives someone you trust the right to make decisions about your money and property and/or your health and welfare. Find out more on our webpage Power of attorney.

If you wish to make statements about your future care preferences, you can set up an Advance Decision or an Advance Statement. More information is available on our webpage Advance decisions and advance statements.

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Next steps

To report financial abuse, contact your council.

Contact our Helpline for support.

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