Elder Financial Abuse
The illegal or improper use of an older person's finances or assets, by strangers, carers, or family members, through theft, fraud, or undue influence.
Also known as: elder fraud, elder financial exploitation, financial elder abuse
Last reviewed: 10 June 2026
Elder financial abuse involves the exploitation of older adults' finances through a range of tactics: outright theft, misuse of power of attorney, undue influence over wills and gifts, fraud by carers or trusted individuals, and targeting by external scammers. It is both a form of elder abuse and financial crime.
Older adults are disproportionately targeted in telephone scams (safe account fraud, lottery fraud, grandparent scams), because they may be more trusting, have accumulated savings, and may be socially isolated. Cognitive decline can make it harder to recognise manipulative tactics.
Family members should maintain open conversations about financial safety, help older relatives set up account alerts, be alert to unusual withdrawals or new relationships that involve financial requests, and know how to report suspected abuse to adult protective services or financial regulators. Banks are increasingly training staff to identify elder financial abuse patterns.