Have you been a victim of financial abuse?
Or know someone who has?
Well, according to new research from a survey of almost 2,000 Australians aged 65, more than 1 in 4 (28 per cent) have experienced financial abuse or know someone who has.
Of those who are experiencing financial abuse, more than half (52 per cent) believe they can deal with the behaviours of financial abuse themselves.
According to the research, almost 4 in 10 (38 per cent) say they have negative or mixed feelings about discussing money with family or friends.
The majority (70 per cent) say they discuss money matters with their family or friends every 2-3 months or less – significantly less frequently than any other age group, such as 64 per cent of millennials who have money conversations on a monthly basis.
Furthermore, an overwhelming 9 in 10 of those surveyed believe there would be barriers for those experiencing financial abuse in seeking support, and most (6 in 10) would not be confident that they would know how to help someone experiencing it.
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Angela MacMillan, Group Customer Advocate at CommBank, said:
“Disturbingly anyone can become a victim of a scam, fraud or financial abuse, regardless of age.
However, as people age, they can be at higher risk of being taken advantage of financially."
Elder financial abuse encompasses a wide range of actions and behaviours that can occur as isolated incidents or in a repetitive manner.
It involves various forms of mistreatment, such as threats, intentional inaction, or a disregard for the well-being of older individuals.
The most 10 common types of elder financial abuse are:
- Abusing the power of attorney
- Pressure threats and intimidation
- Scams and fraud
- Abusing informal family agreements
- Improper use of funds
- Inheritance impatience
- Guarantors gone wrong
- Failure to provide promised care
- Emotional blackmail