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The �����鱨վ is leading the Financial Elder Abuse Project and the establishment of an Action Collaborative of representatives from the banking and financial services sectors and peak community organisations, to work together to improve the prevention and response to financial elder abuse.

Update

Age Discrimination Commissioner Robert Fitzgerald AM recently hosted a second Financial Elder Abuse Roundtable with sector representatives from the banking, finance, advocacy, community, government and regulatory agencies in attendance. 

The group were able to share key information about the role of Codes in the banking industry, and the support provided by financial counsellors and advisors when considering the prevention and response to financial elder abuse. In addition, the group considered emerging opportunities for action. The meeting was another step towards developing the cross-sector Financial Elder Abuse Action Collaborative.

Background

Financial elder abuse is defined as the misuse or theft of an older person’s money or assets. This can cover a broad spectrum of behaviours, sometimes describing as existing . 

Governments and the community increasingly recognise that the abuse and mistreatment of older people is a serious social, human rights and health problem. According to the , about one in six older Australian report experiencing elder abuse in the previous 12 months, and this is on the rise according to National and state-based elder abuse helpline data. Financial abuse is the third most common form of elder abuse, after psychological abuse and neglect.  

Mr Fitzgerald said the time to take action is now given the many risk factors contributing to financial elder abuse are likely to increase in the next 20-30 years, including the issue of inheritance impatience. These factors include:  

• , with people living longer and healthier lives
•  in history and 
• growing economic pressures such as the rising cost of living, lack of affordable housing and low wage growth. 

“We are likely to see an increase to the recent trends of intergenerational financial assistance to support family members, such as adult children living at home longer or returning home, building granny flats or tiny home arrangements and the ‘bank of Mum and Dad’, sometimes without any written agreements. This can leave an older person financially destitute when they may need those finances for their care and well-being in later life,” Mr Fitzgerald said. 

Mr Fitzgerald said the Commission has also conducted an online survey of the targeted sectors dealing with financial elder abuse, facilitated a previous roundtable and conducted many consultations to explore how to drive action to address financial elder abuse.

He said these are important first steps to creating a Financial Elder Abuse Action Collaborative, who will consider what is working well, what are the gaps and what ways the sectors can work better to strengthen the financial safety for older Australians. 

“The project will consider systems change and education that supports and safeguards older people’s interactions with their financial transactions to reduce the risk and incidents of financial elder abuse,” he said.  

With financial support from the Federal Attorney General’s Department, the Financial Elder Abuse Project began in late November 2024 and is due to be completed early next year.

• For support service referrals in your local state or territory call 1800 ELDERHelp (1800 353 374)
• Learn more about the Commission’s broader elder abuse work 
• Understand more about age discrimination