Did you know that a growing number of Australian seniors are reporting financial abuse? Legal Aid NSW has reported the recovery of almost $1.9 million in clients’ funds over a one year period, and claims that financial abuse self-referrals by seniors grew 20% from 2021-2022.
So, what is financial abuse?
Financial abuse is a type of elder abuse that can leave an older person with little to no control over their finances or assets, resulting in increased financial anxiety and stress.
Financial abuse can look like:
- Using money without knowledge or consent
- Signing legal documents on behalf of an older person
- Threats or punishment if money isn’t given
- Selling or disposing of property
- Shopping for an older person and not returning the change
- Non-repayment of loans
- Not contributing to household expenses
- Misusing financial power
- Taking advantage of shared resources within the family or household unit
This article from Australian Seniors News highlights the most common form of financial abuse as being the “granny flat arrangement,” a scenario where the older person gives money – usually a large sum – in return for the promise of care by family members.
Mary Lovelock, senior solicitor at the Elder Abuse Service, explains that this type of abuse usually leaves the victim “on the verge of homelessness, causing significant financial and mental stress” for those already vulnerable people.
However, there is help available for sufferers of financial abuse. The Elder Abuse Service assists seniors suffering from all types of abuse, including financial. Available for seniors living on the Central Coast or in the Lower Hunter region of New South Wales, the Elder Abuse Helpline is available as a contact point for anyone who experiences, witnesses, or suspects that an older person is being abused by someone they know and trust.
The confidential Elder Abuse Helpline is a source of information, support, and referral, and can be reached on 1300 651 192.
Can technology help safeguard you from financial abuse?
Yes! Seniors can start using technology to educate, safeguard, and protect themselves and their assets. Becoming more familiar with the online world will mean that it becomes less scary. While it’s not wrong to rely on people to help you, becoming less reliant on people to do everything for you online can help to protect you in the long run.
Additional Resources:
- How to Secure Your Digital Finances
- 1800 RESPECT
- Seniors Rights Service
- Protect Your Service NSW Account with 2-Factor Authentication