A ground-breaking report from Hourglass, Economic Abuse by Numbers, has exposed the staggering social and economic costs of abuse against older people in the UK, revealing a hidden epidemic of financial exploitation that costs society billions of pounds each year.
Authored by Hourglass, the UK’s only charity focusing on ending the abuse of older people, the report calls for urgent action and funding to protect older victim-survivors. It underlines that their suffering has too often been ignored by policymakers and the public alike. It has been issued as part of the charity’s Safer Ageing Week 2024.
The report details that economic abuse is not just a crime — it is a devastating assault on the dignity, safety, and futures of older people.
Some of the key figures underline how the abuse of older people costs the UK over £16 billion annually, with this figure projected to rise to more than £25 billion per year by 2050 if urgent action is not taken.
Despite the overwhelming scale of the problem, specialist services for older victims receive less than £500,000 annually — less than 1% of the £85 million allocated for all-age domestic abuse services across the UK.
Describing the issue as ‘a crisis hidden in plain sight’ the study explains how older victim-survivors often lose vast sums of money, property, or savings they have spent decades accumulating.
Over the past three years alone, Hourglass has recorded over £53 million in reported financial losses from older victims contacting its 24/7 helpline. Yet, this is just the tip of the iceberg — only 14% of economic abuse cases report financial loss, meaning the true figures are likely far higher.
Shockingly, awareness of economic abuse remains critically low. A recent Hourglass/YouGov survey revealed alarming misconceptions among the public:
- 26% of respondents in England and Wales do not recognise using a Power of Attorney for personal financial gain as abuse.
- 32% of respondents in Northern Ireland do not recognise taking items from an older relative’s home without permission as a form of abuse.
- 29% in Wales and 27% in Scotland do not view attempts to change an older relative’s will as abuse.
- 16% in England and Scotland do not believe scams targeting older people count as abuse.
Hourglass CEO Richard Robinson, stated: “These figures underline a glaring problem — not only is economic abuse of older people pervasive, but it is also dangerously misunderstood.
“Older victims are being side-lined in policy discussions, and this report makes clear that the UK is failing to meet even the most basic standard of protection.
“The question is not whether we can afford this commitment, but rather, can we afford the alternative? Without ring fenced, long-term funding for specialist services, we are choosing to let economic abuse continue unchecked, to the tune of billions in human and financial cost.
“It’s time to end the silence, stand up for older victim-survivors, and demand that the all four governments and assemblies make their protection a priority – on par with any other crisis of abuse.”
The report highlights the stark economic case for investment in specialist services. Hourglass estimates that £300 million annually is required in England and Wales alone to remove the barriers to assistance and build a robust, proactive support system.
With older people contributing over £160 billion annually to the UK economy, the neglect of their safety and well-being is both a moral and economic failure.
Hourglass is calling for ring fenced, long-term funding and a comprehensive strategy to address abuse against older people, ensuring their protection is elevated to the same level of urgency as any other crisis of abuse.
As the Safer Ageing Week 2024 theme demands: Take Note. It is time to stop turning a blind eye to the financial and economic abuse of older people.
This is not only complicity — it is a choice to allow lives to be shattered and billions to be siphoned from an already overburdened system.
The report can be viewed here
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