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Money Talk: ‘I think my brother and sister stole £20,000 from our grandparents’ bank account’

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New research shows that Google searches for “what is financial abuse definition” increased by 78% between 2020 and 2021. Searches for “financial abuse by family members” has increased by 100% from 2020 to 2021

Grandparents are most at risk of becoming victims of financial abuse
Grandparents are most at risk of becoming victims of financial abuse

Money issues can cause friction and arguments in even the most secretive of families – but what do you do if you think someone stealing from an elderly relative?

There are some signs to look out for if you’re in doubt financial abuseas we explain in our latest section Money talk posts.

For example, lots of unexplained withdrawals or unusually large changes, such as an elderly relative transferring banks.

You should also look out for signs that a vulnerable family member is leaving, even though they have the money to buy the things they need.

Of course, these signs certainly don’t mean someone is experiencing financial abuse – but it can be a reason to start asking questions.







Financial abuse is also common among vulnerable people
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Image:

Alamy Stock Photo)

Sadly, new research from data firm Semrush shows that searches on Google for “what is financial abuse” increased by 78% between 2020 and 2021.

Searches for “financial abuse by family members” increased 100% between 2020 and 2021.

‘The worst thing you can do is do nothing’

If you suspect financial abuse from a sibling or any other family member and you have a good relationship with that person, you should talk to them as soon as possible.

“The worst thing you can do is nothing,” says personal finance expert and editor-in-chief of Lendingexpert.co.uk, David Beard.

“If you suspect your brother/sister is stealing from your parents or grandparents, the first thing you should do is talk to your sibling about it.

“Don’t turn it into a confrontational question where there’s a reasonable explanation, and try to keep an open mind, no matter how angry you might feel.

Do you know someone who has experienced financial abuse? Let us know: mirror.money.saving@mirror.co.uk

“Ask about accidental loss of money, and their answer will tell you whether it was done fraudulently.

“Your sibling may be experiencing financial hardship – asking can open the floodgates, helping you gauge if your sibling needs help.

“If they admit to stealing money, try suggesting that it be paid off in installments if they’re struggling financially.”

If your parents or grandparents have recognized themselves, you may need to reassure them that you are reviewing it on their behalf.

If your sibling denies stealing, but you continue to see evidence of money being lost, it may be time to seek advice from Age UK, your local council or the police.

Alternatively, the Elder Abuse Action helpline can be contacted on 0808 808 8141.

Mr Beard said: “Sadly elder abuse is not uncommon, but the Care Act 2014 provides clear mandates for your local council to protect older people from financial abuse. .

“If you report abuse to them, they should listen to the information you provide and assess what action is required.”

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https://www.mirror.co.uk/money/money-talk-i-think-sibling-26247977 Money Talk: 'I think my brother and sister stole £20,000 from our grandparents' bank account'

Fry Electronics Team

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