The largest holders of personal wealth in the U.K. are above the age of 55, representing 63% of the £12 trillion personal wealth, which makes them a target for fraud. Nesta Challenges in partnership with Open Banking Limited have awarded 15 startups £50,000 for addressing the financial well being for the elderly and the vulnerable.
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Fintech startups are tackling the issue of elder financial abuse
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“Elder financial abuse has occurred silently for a very long time and has colored aspects of mental capacity and adult safeguarding legislation. However, the world has become more complex with financial matters becoming increasingly abstract and paperless.”
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