Policy Brief - January 2024

The Economics of Abuse 2024

The Economics of Abuse 2024

The Economics of Abuse 2024 Executive Summary

 
At a minimum, the total yearly social and economic cost of the abuse of older people in the UK is over £16 billion, and this figure is most definitely an underestimate.

Over the last 3 years, economic abuse cases received by the Hourglass helpline showed financial losses by older victim-survivors across the UK totalling over £53 million.
 
  • An estimate of the necessary yearly minimal support for older victim survivors is £307,131,296 or three hundred and seven million, one hundred and thirty one, and two hundred and ninety-six pounds.
  • The total estimated yearly cost of abuse of older people in ENGLAND and WALES is £16,401,385,000 or sixteen billion, four hundred and one million, three hundred eighty five thousand pounds.
  • The total estimated yearly cost of abuse of older people in SCOTLAND is £165,549,302,00 or one hundred and sixty-five million, five hundred and forty nine thousand, and three hundred and two pounds.
  • The total estimated yearly cost of abuse of older people in NORTHERN IRELAND is £49,713,165,35 or forty-nine million, seven hundred and thirteen thousand, one hundred and sixty five pounds, and thirty five pence.

By 2050, the population of over 60s in the UK is predicted to grow to over 22 million. By 2050, the total estimated yearly cost of abuse of older people in the UK will increase to £25,635,930,320 or twenty-five billion, six hundred and thirty five million, nine hundred and thirty thousand, three hundred and twenty pounds.

Current accommodation services (28) that have specialist services for older victim-survivors only account for 1.9% of the needed minimum. A further 1,422 refuges with capacity to support older victim-survivors are still needed across England and Wales.

In England and Wales there are 133 services that provide specialist community based services, accounting for only 9.2% of the necessary provision, with 1,317 specialist older people community based services still needed.

The total cost of providing the necessary service to provide protection for all older people across England and Wales is estimated to be £307,131,296 or three hundred and seven million, one hundred and thirty one thousand, and two hundred and ninety six pounds.
 
Read the full research paper below.
 
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