Elder financial abuse: what to look out for

Do you have parents or grandparents over the age of 65?

If so, you need to be aware that over 10% of this category are subject to ‘elder financial abuse’.

Elder financial abuse is the improper use of money or assets of an elder person. Commonly it includes such behaviours as using their finances without their permission. Or a family member using a legal document such as an enduring power of attorney for personal gain as opposed to acting in the best interest of the principal, who in this case is the elder.

The parties inflicting this elder financial abuse tend to be family members, friends or carers. That is, strangely, people close to them.

Things to look out for include;

  • Unexplained change to their power of attorney
  • Changes to their will
  • Changes to the ownership or title of their assets
  • A person/friend who is regularly making decisions on their behalf
  • Money transferred from their bank account to a family member(s) and/or friend(s) account
  • Closure of bank accounts, and/or sale of investments

Should you require any further information please feel free to contact us or call 1800ELDERHelp (1800 353 374).