Older friends and relatives being scammed online

80% of people ‘worried about older friends and relatives being scammed online’

A recent survey by Virgin Media illustrated that 80% of people were “worried about older friends and relatives being scammed online. This correlates with Hourglass data and findings, with a 2021 Hourglass report in collaboration with Hodge Bank showing that 83.21% of respondents agreed to the statement that “as more and more of our finances move online, more and more older people are going to be at risk of “financial abuse/scams.”

The increasing digitalisation of society, the closure of psychical bank branches,  and the lack of awareness as to the nature of economic abuse affecting older people are all concerning movements, and deserve urgent policy attention. Recent Hourglass polling indicates large gaps in public knowledge around economic abuse, with 16% of survey respondents across the UK not acknowledging that “'scamming' an older person out of money either online or over the phone” is a form of abuse.

16% of survey respondents across the UK not acknowledging that “'scamming' an older person out of money either online or over the phone” is a form of abuse

While the closure of physical bank or support branches may place older people more at risk of online scams without digital skill support. Hourglass’s work with Hodge Bank showed that people are concerned that older people are vulnerable to online scamming or economic abuse due to the closure of banks (69% of respondents indicated worry about the closure of physical banks) as well as due to a lack of digital skills with around 8 in 10 people indicating older people are more vulnerable to economic abuse/scams because they don't have the skills and knowledge to manage their finances online and keep themselves safe.

Calls to the Hourglass Helpline between 2021 and 2024 indicate that £53 million has been stolen, coerced, or taken from older people in those three years

Economic abuse is a crime, and older people are key victims and victim-survivors of such abuse. Calls to the Hourglass Helpline between 2021 and 2024 indicate that £53 million has been stolen, coerced, or taken from older people in those three years, and this is just the tip of the iceberg. The impact of economic abuse on older people can be devastating, especially if they are on limited incomes such as a state pension. Many may lose immense sums of money, lose property they have lived in for years, incur large debts, or simply not have enough money to live on. Older people may also find it harder to recover financially from economic abuse because of the limited opportunities and time for investment and monetary growth compared to those aged younger. Mental and physical health effects and premature care and death may also result.

The banking industry must ensure that everyone in our society is able to manage their finances in a way that suits their needs even if they are digitally excluded, with an accessible physical banking presence being a necessity. The industry and government must work together to provide additional safeguards to protect from scams and fraud, provide tailored support for older people including access to money management teams, and develop awareness raising campaigns to strengthen understandings of financial literacy, how to protect oneself, and the nature of economic abuse against older people. 

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