World Elder Abuse Awareness Day: shining the light on a public health, human rights and financial crime issue

Launched in 2006 by the International Network for the Prevention of Elder Abuse and the World Health Organization, the World Elder Abuse Awareness Day is marked each year on June 15 . This day acknowledges the significance of the abuse that older generations face as an issue for public health, human rights and financial crime .  

Elderly people are the world’s fastest-growing demographic. Between 2019 and 2030, the number of people aged 60 or over is projected to grow by 38%, from 1 billion to 1.4 billion, globally outnumbering the youth. 

According to the World Health Organization, one in six people aged 60 or over is abused, neglected or financially exploited, which also appears to be the most prevalent form of abuse. Perpetrators include a variety of individuals, ranging from family members, close friends and neighbours to offshore scammers. 

The issue of elderly financial exploitation has only been magnified during the COVID-19 pandemic. Social distancing measures and movement restrictions resulted in social isolation and loneliness, which leaves the elderly vulnerable to financial abuse and exploitation. The lasting effects of the pandemic, together with the recent cost of living crisis, is making the older population an easy target. As a result, elder financial exploitation cases, along with fraud and scams, have skyrocketed in the past two years. 

Elder abuse is a global issue that affects the human rights of millions of older people around the world – this issue deserves the attention and action across all communities and sectors. To give this issue its deserved attention, our upcoming RedFlag Accelerator typologies release will introduce the Elderly Financial Exploitation Typology, including two victim scenarios enriched with the financial footprint red flags.  

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