National Seniors Australia used World Elder Abuse Awareness Day on June 15, to shine a light on financial elder abuse.
Chief advocate Ian Henschke said people can be at increased risk of abuse as they get older and those closest to them are the most likely perpetrators of abuse.
“Elder abuse can take many forms but financial abuse is the most common,” Mr Henschke said.
“Eighty-five per cent of elder financial abuse is committed by family, with children accounting for nearly 50 per cent.
“As opposed to scams by strangers, financial abuse can involve a person in a position of trust coercing or forcing an older person to sign over assets or to change a Will or Power of Attorney, stealing money or taking credit cards.
“Older people fall victim to such abuses because they might never expect a loved one to take advantage of them, can’t stop it, or are too embarrassed to go to the police.”
National Seniors made a submission to the Federal Attorney General in 2019, recommending consistent and strengthened Enduring Power of Attorney laws to help protect against abuse.
This recommendation has not been implemented and the issue was recently raised by Age Discrimination Commissioner Dr Kay Patterson AO, who expressed frustration that action had not been taken sooner.
Mr Henschke said financial loss in later life is particularly devastating.
“Unfortunately, people don’t always seek help and identifying abuse can be hard,” he said. “It can go unreported as it happens behind closed doors, by people in positions of trust.”
“World Elder Abuse Awareness Day is an opportunity to talk about this important issue, to know the possible signs of financial elder abuse and to know where to go to for support.”
National Seniors said it would also like to see implementation of the National Plan to Respond to the Abuse of Older Australians.
Possible signs of financial elder abuse include; large bank withdrawals or transfers between accounts, missing belongings or property, new changes to a will or power of attorney, an older person signing strange documents they do not understand, bank statements that go to the perpetrator.
