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.