Elder financial abuse is a growing and deeply concerning issue, particularly as we face an unprecedented transfer of generational wealth from baby boomers to their children and grandchildren. Baby boomers are the wealthiest generation in history and Australians are expected to inherit an estimated $3.5 trillion over the next two decades, making the elderly increasingly vulnerable to exploitation.
Elder financial abuse is the misuse or misappropriation of an elderly person’s money, assets or property, and often by trusted individuals – such as family members, friends, attorneys or caregivers – with close family members being the most common perpetrators.
Elder financial abuse often begins or worsens when an elderly person starts to lose decision-making capacity. Cognitive decline makes them more vulnerable to manipulation, as their ability to manage finances, detect exploitation, or seek help is reduced. Increased dependence on others, often family and carers, can create opportunities for abuse, especially when the elderly person is isolated or unable to understand or report what is happening. Further, the rapid digitalisation of government and private services has made older, less technically savvy Australians even more reliant on family to manage their finances, increasing the risk of exploitation.
Elder financial abuse situations often start with an offer to help. Below are some warning signs that can assist in the early identification and intervention of financial abuse.
If you notice some of these signs, it is important to seek legal advice.
Moores’ experienced elder financial abuse team can assist with early intervention, safeguarding assets and restoring the rights of your loved one.
Please contact us for more detailed and tailored help.
Subscribe to our email updates and receive our articles directly in your inbox.