About elder financial abuse

What is elder financial abuse?

When a trusted person misuses their position or causes financial harm to an older person.

 

Why it matters?

It hurts people. Beyond financial loss, it can also limit a person's access to a safe home, adequate food or medical care. Other serious impacts include anxiety and depression.

Who's at risk? 

Everyone is at risk, however those at greater risks include:
 
  • People who are reliant on others for their care
  • People who are socially isolated
  • People who are physically or mentally impaired
  • People with low financial literacy due to language or cultural barriers
  • People from LGBTI communities
  • People who have been subject to other types of abuse 

Common forms of abuse

Elder financial abuse takes many forms and can include repeated or one-off actions, inaction and even threats.

Common forms of abuse are:

  • Abusing power of attorney
  • Pressure, threats and intimidation
  • Fraud and scams
  • Abusing family agreements
  • Improper use of funds
  • Theft
  • Inheritance impatience
  • Guarantors gone wrong
  • Failure to provide promised care
  • Emotional blackmail

Where to get help

The Safe & Savvy guide

The guide we've created contains information, resources and practical activities to help you better understand and prevent elder financial abuse for you and your loved ones. 

At the end of the guide you'll find a list of support services available nationally and in your own state.

Download the guide

Who developed the guide?

It was developed by the CBA Customer Advocate, together with a large range of community and academic experts. 

How to protect yourself

Learn simple steps you can take to protect yourself against scams and fraud.

Stay safe online