Understanding and identifying financial elder abuse

June 15 marks World Elder Abuse Awareness Day. Elder Abuse is any act that causes harm to an older person, usually by someone they know and trust.

There are various types of Elder Abuse including physical, social, psychological, and financial abuse. Financial abuse involves taking advantage of an older person’s finances. This can include stealing money or controlling their financial situation. Financial elder abuse can occur in tandem with other forms of elder abuse.

Bendigo Bank’s Financial Awareness Support Team (FAST) manager, Lauren Abbott, explains that elder abuse is on the rise. “The current economic climate [is] instigating ‘inheritance impatience’ and abuse of Power of Attorney,” Lauren explains.

Isolation during lockdowns in 2020 and 2021 left many elderly people more reliant than ever on people around them. This may have contributed to a rise in elder abuse. “Our older customers relied on other people. This included banking and enabling other to access to their bank accounts,” Lauren said.

How to spot elder abuse

Lauren explains some key warning signs of elder abuse. Specialised banking staff are trained to identify these signs, and you also may be able to look out for these in the lives of people you know.

• If an elderly person doesn’t have enough money to cover their basic needs despite receiving a pension.
• If someone has lost capacity or is unable to manage their own financial affairs, the transfer of assets like property can be a warning sign of abuse.
• If someone’s financial activity isn’t conducive to their usual behaviour or consumption patterns. This may include large transactions or withdrawals.
• Elderly or vulnerable people reporting unexplained missing belongings.
• General deterioration of appearance and health.
• A third party speaking over an elderly person and dominating interactions.

Starting the conversation on financial elder abuse

Combating elder abuse starts with raising awareness. We can all play our part by having conversations with people around us, including the older people in our lives.

“Talk to older Australians about what financial abuse looks like. Educate them on Powers of Attorney and the importance of appointing people they trust with having access to their financial information and funds,” Lauren explains.

If you suspect elder abuse, gently asking questions to gain an understanding of the situation is key. This should be done “casually and carefully,” explains Lauren. Approaching suspected financial abuse situations with caution is important for both you and the victim.

What to do if you or someone you know could be experiencing financial elder abuse

Lauren explains that banks have specialist teams trained to handle the financial impacts of elder abuse. If a bank is made aware of financial elder abuse patterns, measures can be put in place to “protect funds at risk.”

For resources and support, contact the 1800 ELDER helpline on 1800 353 374. If there is immediate concern for welfare or safety, call triple zero.