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Spotting the signs of elder financial abuse     By Shannon Kong Head of Partner Solutions and Support  

      Financial abuse of older people is more common than you might think. Here we explain how to recognise the warnings signs and step in to help.     The population of people aged 65 and over is growing rapidly. By 2025 this cohort will outnumber children and by 2050 it will make up around one quarter of all Australians1.    World Elder Abuse Awareness Day on 15 June recognises that greater attention needs to be paid to the specific challenges affecting older people, including in the field of human rights.  Elder abuse is a problem that exists across the world. In Australia, research2 suggests that one in six older Australians is experiencing some form of abuse, though exact numbers are hard to come by as it often goes underreported. Therefore, it is important for everyone to be able to spot the signs that it is occurring.  Elder financial abuse is on the increase Elder abuse can take many forms, including psychological, physical, financial or neglect. People with poor physical or psychological health and higher levels of social isolation are the most at risk.  Financial abuse of the elderly has increased in recent years, partly driven by older people becoming more isolated during the Covid pandemic3.   The prevalence of internet usage and online transacting has also seen a rise in the number of scams targeting elderly people. Some examples include impersonating a government department, robocalls and phone scams, and computer tech support scams.  In addition, the high cost of living is leading to more cases of ‘inheritance impatience,’ where adult children feel a sense of entitlement to the assets of their parents or other family members. Older people are particularly at risk when the family member has Power of Attorney over them, as this makes it easier to manipulate or illegally manage assets.  Recognising the signs Some signs of elder financial abuse to look out for include:  Unexplained withdrawals or transfers from bank accounts;   Suspicious looking signatures;  Confusion about where assets are held;   Not having enough money to pay bills or meet basic needs;   Expensive items such as cars and jewellery going missing;   Transfers of assets such as property; and   Wills being changed suddenly.  How to act Every Australian deserves to live a life where they feel safe and financially secure. If you have the slightest concern, it is important to ask questions and take action.  The Australian Government’s Be Connected program is designed to help older people to navigate online banking and stay safe online.  Uniting Financial Services can also assist. If you are concerned that someone may be trying to take advantage of your UFS investments or loans, call us on 1300 133 673. Examples may include someone asking for personal details such as passcodes, sending suspicious links or requesting an urgent transfer of funds from a UFS facility.    If you suspect someone with Power of Attorney has abused their powers, you can report these concerns to a lawyer or to the office of the Public Guardian in your state.  You can also get in touch with the National Elder Abuse team on 1800 353 374, which will automatically redirect you to your state or territory phone line service for free and confidential advice.    1. Australian Bureau of Statistics: Populations Projects, Australia 2006 to 2101, 2008   2. Australian Institute of Family Studies: National Elder Abuse Prevalence Study, 2021  3. World Health Organisation: Abuse of Older People, 2022    Important information: While the information in this communication has been prepared with all reasonable care, UFS accepts no responsibility or liability for any errors, omissions or misstatements however caused. No action has been taken to register or qualify these products or otherwise permit a public offering of these products in any jurisdiction outside Australia. Past performance is not indicative of future performance.  You can review the UFS Privacy Policy here.    

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  Important for you to know Financial services are provided by The Uniting Church (NSW) Trust Association Limited ACN 000 022 480, ABN 89 725 654 978, AFSL 292186 (“UCTAL”) and by The Uniting Church in Australia Property Trust (NSW) ABN 77 005 284 605 (“UCAPT”) (together and separately “Uniting Financial Services”), for The Uniting Church in Australia, Synod of NSW and the ACT (“Synod”), under a s.911A Corporations Act 2001 (Cth.) authorisation and pursuant to APRA Banking Exemption No. 1 of 2021 and ASIC Regulatory Guide 87 and ASIC Corporations (Charitable Investment Fundraising) Instrument 2016/813 exemptions. Uniting Financial Services® is a registered trademark of UCTAL used with permission of UCAPT. None of The Uniting Church in Australia, UCAPT and UCTAL is prudentially supervised by APRA. Therefore, investments with or contributions to these Uniting Church organisations will not receive the benefit of the Financial Claims Scheme or the depositor protection provisions in the Banking Act 1959 (Cth.). All financial services and products are designed for investors who wish to promote the religious and charitable purposes of Uniting Financial Services and The Uniting Church in Australia and for whom profit considerations are not of primary importance in their decision to invest. The information on this page has been prepared without considering your objectives, financial situation or needs. You should, before acting on it, consider its appropriateness to your circumstances or refer to the relevant disclosure document. Loan applications are subject to credit approval. Interest rates are subject to change. Fees and charges may apply.