Dementia sufferers fall foul of financial abuse, charity says
14/12/2011
Topic: Insurance & protection
People in retirement struggling with Alzheimer’s are being targeted by fraudsters who try to scam large sums of money from them, a leading charity has revealed.
Some 15% of retirees with dementia have fallen prey to con artists who commit financial abuse by cold calling, mis-selling or through scam mail, the Alzheimer’s Society has warned.
As a result, people with dementia have endured a collective financial loss of £100 million, with 62% of carers agreeing the person they looked after had been approached by cold callers or sales people on their doorstep.
As such, the charity is calling for better protection of people with dementia, suggesting local authorities need to safeguard funding for Trading Standards despite widespread cuts.
Founder of Money Saving Expert Martin Lewis believes the reality may be that far more dementia sufferers face financial abuse than stated as many never report the problem.
He said: “It is deplorable that people are prepared to take advantage of some of the most vulnerable in our society.
“Society must help protect people with dementia - something must be done.”
According to the charity’s report, 70% of carers believe the people they tend to have had to deal with cold callers, which can lead to the loss of thousands of pounds for people in retirement.
It seems dementia sufferers find it more difficult to manage their money as banks and other financial institutes have a lack of understanding about the disease.
Some 76% of people agreed with this, while a further 77% encouragingly said it was important to make plans about how they would manage their funds in the future.
Chief Executive of the Alzheimer’s Society Jeremy Hughes suggested banks, local authorities and the wider population needed to collaborate to tackle the threat posed by fraudsters.
He said: “We are merely scratching the surface of the frightening hidden depths of financial abuse.
“Too often con artists are dealing another body blow to people who already face high care costs and a society that fails to understand their needs.”
Recent findings from the International Bupa Health Pulse study revealed just 33% of over-65s in Britain had put money aside for retirement care, with men more aware of the need to save than women.
Posted by David Shuker
Some 15% of retirees with dementia have fallen prey to con artists who commit financial abuse by cold calling, mis-selling or through scam mail, the Alzheimer’s Society has warned.
As a result, people with dementia have endured a collective financial loss of £100 million, with 62% of carers agreeing the person they looked after had been approached by cold callers or sales people on their doorstep.
As such, the charity is calling for better protection of people with dementia, suggesting local authorities need to safeguard funding for Trading Standards despite widespread cuts.
Founder of Money Saving Expert Martin Lewis believes the reality may be that far more dementia sufferers face financial abuse than stated as many never report the problem.
He said: “It is deplorable that people are prepared to take advantage of some of the most vulnerable in our society.
“Society must help protect people with dementia - something must be done.”
According to the charity’s report, 70% of carers believe the people they tend to have had to deal with cold callers, which can lead to the loss of thousands of pounds for people in retirement.
It seems dementia sufferers find it more difficult to manage their money as banks and other financial institutes have a lack of understanding about the disease.
Some 76% of people agreed with this, while a further 77% encouragingly said it was important to make plans about how they would manage their funds in the future.
Chief Executive of the Alzheimer’s Society Jeremy Hughes suggested banks, local authorities and the wider population needed to collaborate to tackle the threat posed by fraudsters.
He said: “We are merely scratching the surface of the frightening hidden depths of financial abuse.
“Too often con artists are dealing another body blow to people who already face high care costs and a society that fails to understand their needs.”
Recent findings from the International Bupa Health Pulse study revealed just 33% of over-65s in Britain had put money aside for retirement care, with men more aware of the need to save than women.
Posted by David Shuker
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