Shortchanged: Protecting people with dementia from financial abuse

The Alzheimer’s Society report ‘Short changed: Protecting people with dementia from financial abuse’ highlights that an alarming number of people have been subject to financial abuse and calls for people with dementia to be better protected.

Headline findings includes:

  • 15% of people living with dementia – an estimated 112,500 people – have been victims of financial abuse such as cold calling, scam mail or mis-selling
  • 62% of carers reported that the person they care for had been approached by cold callers or doorstep sales people
  • 70% reported that telephone callers routinely targeted the person they care for. Not only have people lost money, but they and their families have also been suffering stress, exhaustion and frustration as a result.
  • 76% of people reported having trouble managing their money, with a range of issues highlighted such as the challenges of bank’s security procedures, and a lack of dementia awareness in banks and other financial services organisations.

Alzheimer’s Society undertook the largest ever survey carried out on this subject, and analysed responses from 104 carers and 47 people with dementia – as well as focus groups and interviews with professionals – to find out more about this issue.

Download the full report Shortchanged: Protecting people with dementia from financial abuse
Download the executive summary Shortchanged: Protecting people with dementia from financial abuse
Read Alzheimer’s Society top tips to managing money and preventing financial abuse

In Carers, Research | Tagged

One Response to Shortchanged: Protecting people with dementia from financial abuse

  1. john cordingly says:

    Its true that a lot of people with dementia are falling foul of cold callers who knock on doors looking for work. How we can overcome this is another thing. I hear stories of how rogue tradesmen are taking advantage of people with dementia, and it seems that the 7 day cooling off period that enables a person to cancel any work agreed within the next 7 days of agreeing to have work done is not working. This is because in most cases the work is done straight away. How we combat this I don’t know. But I hope we can. I run the website and get many people asking me how they can control the finances of a person with dementia. I believe more should be done to help families that have a loved one that has been diagnosed with dementia to make better preperations for their future finances as soon as a diagnosis has been given.

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