ONE in five adults has been the victim of financial abuse – but many pensioners still do not think it could happen to them.
A total of 20% of Irish people have been affected, a new public awareness campaign reveals today.
Around 10% of respondents said someone has used their property or possessions without permission.
Meanwhile, 4% of those who took part in the RED C survey, commissioned by the Banking And Payments Federation Ireland, had money taken from a joint account without their agreement.
The public awareness campaign is led by BPFI in partnership with Safeguarding Ireland.
It hopes to highlight the need for greater awareness of the real risks of financial abuse and calls on all adults to plan ahead in order to safeguard their finances. BPFI’s Louise O’Mahony said financial abuse is happening at a much higher rate than many people realise.
She added: “Too many adults, particularly older people, aren’t concerned and think it won’t happen to them.
“We all need to prepare for the likelihood that one day we may need help managing our affairs due to a serious illness, accident or aging.
“People should have that conversation with someone they can trust and plan ahead for the future of their finances in order to protect themselves from financial abuse.”
The chairwoman for Safeguarding Ireland stressed the importance of planning ahead to avoid financial abuse. Patricia Rickard-Clarke said: “When people don’t have their choices,
preferences and decisions legally stated and have a life-changing accident, become seriously ill, or frail due to age they are reliant on the honesty of friends and family. Safeguarding Ireland encourages all adults to talk about their wishes, plan ahead and avoid financial abuse.”
A total of 43% of those surveyed said they are not bothered about experiencing financial abuse in the future.
Just 37% of those over the age of 55 revealed they were concerned it could affect them.
Financial abuse is defined as the unauthorised and improper use of funds, property or any resources including pensions or other benefits.
Steps to protect yourself against financial abuse include understanding and organising your day-to-day banking, checking your accounts regularly and ensuring only you or someone you trust has access to your money.
