Monday 15 June marks World Elder Abuse Awareness Day, a time to raise awareness of an issue that is often hidden but increasingly affecting older Australians.
Financial abuse is the most common form of abuse experienced by older Australians. As our population ages, the importance of recognising and responding to this issue has never been greater. Over the past 40 years, the proportion of Australians aged 65 and over has doubled, and this trend is expected to continue in the decades ahead.
So, what is elder financial abuse, and what can you do if you suspect something isn’t right?
Financial abuse occurs when someone illegally or improperly uses an older person’s money, property or assets.
Sadly, the person responsible is often someone the older person knows and trusts. In many cases, it involves adult children, close family members, carers or friends. Because it can happen without the older person’s knowledge, financial abuse can be difficult to detect and deeply distressing.
Financial abuse can take many forms, including:
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Coercion or pressure to change a will, sign over property or alter financial arrangements
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Unauthorised control over bank accounts or finances, limiting access to their own money
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Misuse of Power of Attorney, where decisions benefit the appointed person rather than the older person
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Direct theft, such as stealing cash, cards or personal belongings
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Banking exploitation, including using financial documents or accounts without permission
How to spot the signs
Financial abuse often happens behind closed doors, but there are warning signs to look out for.
You might notice:
- Unpaid bills or utilities, despite having sufficient income
- Large or unusual bank withdrawals or transfers
- A sudden lack of money for everyday essentials like food or medication
- Unexpected changes to wills, legal documents or financial arrangements
- Confusion or uncertainty about financial decisions
- A new person taking control of finances or becoming overly involved
If something doesn’t feel right, it’s important to trust your instincts and look a little closer.
What to do if you’re concerned
If you believe you or someone you know may be experiencing financial abuse, support is available and taking early action can make a real difference.
Call 1800 ELDER HELP (1800 353 374)
This free, confidential service will connect you to your local state or territory support service for advice and assistance.
Visit Compass
Compass is a government-funded website offering practical resources and information about elder abuse.
Contact your financial institution
If the situation involves bank accounts or financial pressure, speak to your bank immediately. The Mutual Bank has trained team members who can help protect accounts, including placing holds or reviewing access.
Review Power of Attorney arrangements
If a Power of Attorney is being misused and the older person has capacity, it can be changed or revoked. In NSW, the NSW Civil and Administrative Tribunal (NCAT) can investigate concerns and appoint independent decision-makers if needed.
Contact police in urgent situations
If there is theft, fraud, threats or immediate danger, contact your local police straight away.
We’re here to help
At The Mutual Bank, we’re committed to supporting the financial wellbeing of our Members and the communities we serve.
If you’re ever unsure about activity on your accounts or need support, please reach out to our team. We’re here to listen and help you take the right steps to protect yourself or someone you care about.
