Mon - Fri: 8:00am - 7:00pm (AEST)
Please be advised that the delivery of your monthly November bank statement has been temporarily delayed. We are working to rectify this as soon as possible and apologise for any inconvenience.
Financial abuse comes in various forms, including, but not limited to, Elder Abuse and Domestic Abuse.
The World Health Organisation defines elder abuse as: “A single or repeated act, or lack of appropriate action, occurring within any relationship where there is an expectation of trust which causes harm or distress to an older person.”
This crime may not always be committed by a stranger, but by a person or people who are trusted by the older person. As such, instances of elder financial abuse can be difficult to talk about and are often unreported because victims are too frail or ashamed to report the fraud.
There are various signs of Elder Abuse including:
Isolation and dependence on others
Older people can become isolated and dependent on those they trust: family members, neighbours or carers, which makes them especially vulnerable. Others at high risk include those who have a physical or mental disability or a limited understanding of financial matters, perhaps due to language skills or cultural attitudes. Sadly, anyone who is reliant on others is at risk of financial abuse.
This is the biggest cause of elder financial abuse and refers to family members pre-empting their inheritance to purchase goods using their elderly relative's funds. Instances of this wrongful sense of entitlement are increasing, which has prompted a banking industry push for new legislation. According to the Australian Banking Association, six out of ten Australians have concerns that someone they know will become a victim of elder financial abuse.
Domestic financial abuse may occur when a person uses the money to gain power and control over their partner. This may happen via various methods including:
How can you protect yourself or a loved one?
If you are in danger, please call 000 immediately. It’s common for people to feel embarrassed and overwhelmed when talking about financial abuse. It’s important to learn the signs of financial abuse, where to go for help, and how to support a family member or friend who may be at risk. This can help victims recover and regain their financial independence.
If you or someone you know is impacted by financial abuse, you can submit a confidential request to our friendly staff who are there to assist, support and guide you as best they can. You can contact our friendly staff by:
|Help for families affected by relationship or separation issues||Family Relationship Advice Line
1800 050 321
8am to 8pm, Monday to Friday
10am to 4pm, Saturday
13 11 14
Crisis Support Chat
|Family violence, abuse and sexual assault counselling||1800RESPECT
1800 737 732
1800RESPECT Online Chat
|Family counselling, mediation and dispute resolution services||Relationships Australia
1300 364 277
|Elder abuse victim support||Compass
1800 353 374
Note: this number redirects you to the phone line in your state or territory.
Operating hours and services vary.
|State and territory elder abuse victim resource centres||My Aged Care
1800 200 422
8am to 8pm, Monday to Friday
10am to 2pm, Saturday