Elder Financial Abuse

Elder financial abuse encompasses a broad range of financially exploitative acts directed at older adults, including theft, fraud, misuse of legal authority, coercive control of finances, and exploitation of cognitive decline. Perpetrators include family members, caregivers, neighbours, financial advisers, and organised fraudsters who deliberately target elderly victims.

Common patterns include: a caregiver gradually draining a bank account through small authorised payments; adult children or relatives pressuring an elderly parent to change their will or transfer property; financial advisers churning investments or directing funds to unsuitable products for commission; and professional scammers running phone, mail, or doorstep fraud specifically crafted to exploit older victims' potential isolation, trust in authority, and, in some cases, cognitive impairment.

Elder financial abuse is significantly under-reported: victims may be ashamed, may not recognise what is happening, may be isolated from people who could intervene, or may be unwilling to take action against a family member. Warning signs include unexplained withdrawals, changes to wills or beneficiaries, unpaid bills despite adequate income, new 'friends' with an unusual interest in finances, and confusion about financial transactions the older person cannot explain.