{"id":7701,"date":"2022-10-31T12:02:21","date_gmt":"2022-10-31T01:32:21","guid":{"rendered":"https:\/\/adelaideprivatewealth.com.au\/financial-elder-abuse-increased-due-to-the-pandemic-how-can-you-protect-yourself\/"},"modified":"2022-10-31T12:02:21","modified_gmt":"2022-10-31T01:32:21","slug":"financial-elder-abuse-increased-due-to-the-pandemic-how-can-you-protect-yourself","status":"publish","type":"post","link":"https:\/\/adelaideprivatewealth.com.au\/financial-elder-abuse-increased-due-to-the-pandemic-how-can-you-protect-yourself\/","title":{"rendered":"Financial elder abuse increased due to the pandemic, how can you protect yourself?"},"content":{"rendered":"
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Elder abuse was already an issue across the world, however, the pandemic has exacerbated the issue \u2013 with more and more people feeling a financial and emotional burden over the last three years.<\/p>\n

It is estimated that\u00a0one in six older people<\/a>\u00a0have experienced some form of elder abuse over the last 12 months and financial abuse is sitting around 2 percent of reported elder abuse cases in Australia.<\/p>\n

However, Geoff Rowe, Chief Executive Officer (CEO) of Aged and Disability Advocacy Australia (ADA Australia), says it is likely that financial abuse is a lot more pervasive in the community than people realise and that the financial abuse data is not reflective of what ADA sees on the ground.<\/p>\n

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Why is COVID-19 making financial abuse worse?<\/h3>\n

Mr Rowe says that COVID-19 has exacerbated a lot of issues for people and increased financial pressures, which may be passed on to older people.<\/p>\n

\u201cOlder people I think, particularly throughout the pandemic, have been seen as not the highest priority group despite being the most vulnerable group,\u201d explains Mr Rowe.<\/p>\n

\u201cWhat happens behind closed doors without the normal checks and balances is another contributing factor.<\/p>\n

\u201cWith lockdowns, all the financial pressures on families, [people] lean more on the bank of mum or dad.\u201d<\/p>\n

Mr Rowe adds that a big problem with elder abuse, in general, is that older people are reluctant to seek help or report perpetrators because this abuse is often carried out by people they love.<\/p>\n

ADA Australia often sees older people blame themselves for the actions of their children, particularly in the case of financial misuse.<\/p>\n

Older people have been disconnected from their community and supports more broadly, explains Mr Rowe, which is allowing financial abuse to happen more so than in pre-pandemic times.<\/p>\n

Another reason for the financial abuse of elderly people is early inheritance syndrome.<\/p>\n

Mr Rowe says that sometimes family members may start thinking that because they need the money now and the older person \u201cdoesn\u2019t need it\u201d they can start accessing their inheritance \u201cright here, right now\u201d.<\/p>\n

Signs of financial abuse<\/h3>\n

Spotting financial abuse can be difficult, especially if you are worried about upsetting family members or the victim.<\/p>\n

Things that can signal financial abuse include:<\/p>\n