Many older people are the victims of financial elder abuse but stay silent out of fear, says a new BankWest report.
The report showed that 33% of Western Australians had experienced financial abuse, while 29% knew someone else who had. People aged 50 and older accounted for 32.5% of the victims.
The data also revealed that 23% of those 65-and-older stayed mum and 70% said it would be hard to seek help.
The main reasons they did not seek support were around the consequences for doing so, with 74% worried the perpetrator would discover, and 81% fearing retaliation.
Worryingly, despite 64% saying they could identify financial abuse, when presented with the definition, 15% also admitted to being perpetrators. Of the one in seven committing financial abuse, 53% were unaware they were doing so.
“Behaviours can start out insidious – such as someone using their caring commitments as justification for using their parent’s money to go shopping – but can easily escalate,” said Advocare CEO Louise Forster.
“We see many cases of family members financially abusing older relatives, often to the extent of homelessness and dispossession, and it’s important older people understand their rights and how to ensure they are exercised.
“Stigma, shame, and fear of retribution often prevent older people from speaking up, and that is one of the critical services Advocare delivers, providing a confidential and safe avenue through which older people can seek support.”
Bankwest COO Louise Tovey said banks and other financial institutions need to raise awareness of – and stamp out – financial abuse.
“Financial institutions can often be among the first contacted by someone experiencing this kind of abuse and our colleagues often witness first-hand the devastating effect it can have on people’s lives,” Ms Tovey said.
“Despite its prevalence, financial abuse can be difficult to recognise and, as the Hidden Costs Report has shown, a concerning number of Western Australians are perpetrating the abuse without even realising it.”
Have you been the victim of financial abuse? How did you handle it?
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