Thursday, June 17, 2021

How can we prevent financial abuse of the elderly?

How can we prevent financial abuse of the elderly?

Throughout Australia older people are losing their savings, property and homes through financial abuse, usually at the hands of persons close to them such as an adult child or grandchild.

A sense of entitlement, ‘Inheritance impatience’ or opportunism can encourage people to ‘help themselves’ to an older person’s assets.

Elder abuse is not a new problem. It has been occurring in Australia and elsewhere for generations – but its only now that serious steps are being taken to address it.

While the extent of elder abuse in Australia is unknown, conservative estimates suggest at least 9% of older Australians suffer from financial abuse. However, we know that because of the hidden nature of the problem, the majority of cases go unreported.

Sadly, a majority of elder financial abuse occurs within families, and is defined as the illegal or improper use of a person’s finances or property by another person with whom they have a relationship implying trust.

Read the original article on The Conversation website.