Elder financial abuse occurs when someone in a position of trust takes advantage of their role or causes financial harm to an older adult. This type of abuse can take many forms and can affect any older person.
Beyond losing money, elder financial abuse can restrict an older person’s access to safe housing, proper nutrition and medical care. It can also lead to serious emotional affects like anxiety and depression.
Elder abuse can also include a range of other behaviours including physical, emotional and sexual abuse.
Some of the signs of elder financial abuse
It might involve someone:
- applying pressure, threats or intimidation
- misusing or stealing your money, possessions or assets
- pressuring you to make, change or sign legal documents
- failing to deliver promised care
For information on elder financial abuse in retirement, see protect your money in retirement.
Your options for support
Contact your bank or financial provider
Don’t be afraid to reach out to your customer-owned bank to seek support. Team members of your customer-owned bank can talk through your needs and safely help you manage your finances.
For example:
- They can look into suspicious activity by investigating any transactions that you did not personally authorise.
- To further protect your privacy and access, they can assist you in updating your online banking credentials, contact information, and account PINs.
- Additionally, your bank can help you set up entirely new accounts or facilitate other banking services to ensure you have a safe and independent way to manage your money.
Customer-owned banks are committed to taking extra care with customers experiencing vulnerability including financial abuse, family and/or domestic violence, and elder abuse – you can read more about our sector’s commitments in the Customer Owned Banking Code of Practice.
If you are having trouble with loan repayments, contact your lender about financial hardship assistance. See more information about financial hardship here.
Get free legal advice
If you have incurred debts as a result of financial abuse, you may wish to seek legal help or advice. For example, you may have been coerced into a debt or not have known about a debt.
Call the National Debt Helpline on 1800 007 007 for help to obtain free financial counselling.
Other options for support
1800ELDERhelp is a free phone line for those seeking advice on elder abuse.
Elder Abuse Hotline provides free assistance to anyone who experiences, witnesses, or suspects elder abuse on 1800 628 221.
This article includes information sourced from Moneysmart, an initiative of the Australian Securities and Investments Commission (ASIC) that offers a wide range of financial support and tools for Australians.