By Stephanie Holliday
FINANCIAL abuse is a form of family violence. It can include withholding money, controlling all the household spending, refusing to include you in financial decisions or manipulating another person into believing their funds are used in particular way. Financial abuse can happen to anyone, with many older Australians sadly more susceptible.
Commonly, it happens when someone takes or misuses your money, assets or property without you agreeing.
Financial abuse can often make an older person feel like they no longer have control over their finances or assets and increase anxiety and stress. It can encompass minor incidents (such as borrowing small amounts of money and not repaying the loan) through to extreme incidents (misusing the Financial Enduring Power of Attorney).
Regardless, the impact can be significant for an older person and can impact on their lifestyle, leisure and the necessities of life, such as food and housing.
Frequently an older person might rely on family and relatives to assist them with their finances or assets. In these circumstances, an older person can be more vulnerable to abuse if they’re not included in the decisions about their finances.
If you, or someone you know is experiencing elder abuse, help is available by calling 1800 353 374, a free call phone number that automatically redirects callers seeking information and advice on elder abuse with the phone service in their state or territory.
