The Australian Human Rights Commission launches the Financial Elder Abuse Action Collaborative to address financial elder abuse.
The Australian Human Rights Commission is leading a new initiative to combat the growing issue of financial elder abuse. The Financial Elder Abuse Action Collaborative will bring together key players from the banking and finance sectors, along with leading community organisations, to develop strategies for preventing and responding to this serious problem.
Financial elder abuse encompasses a range of behaviours, from subtle forms of exploitation to outright theft, involving the misuse or theft of an older person’s money or assets.
“Financial elder abuse is a significant human rights issue,” says Age Discrimination Commissioner Robert Fitzgerald AM. “With our ageing population and increasing economic pressures, the risk of this type of abuse is only going to grow.”
Commissioner Fitzgerald highlighted several factors contributing to the rise of financial elder abuse, including:
- The growing ageing population: People are living longer, and the number of older Australians is steadily increasing.
- The largest intergenerational wealth transfer in history: This creates opportunities for exploitation and can lead to pressure on older people to support family members financially.
- Growing economic pressures: The rising cost of living, lack of affordable housing, and stagnant wages are putting increasing financial strain on families, which can increase the risk of financial elder abuse.
“We are seeing a rise in instances where older people are providing financial support to adult children, often without formal agreements in place,” said Commissioner Fitzgerald. “This can leave older people vulnerable and financially insecure in their later years.”
The Financial Elder Abuse Action Collaborative will conduct a thorough review of existing practices and identify areas for improvement. This will include exploring systemic changes and developing educational programs to support and safeguard older people in their financial interactions.
“The goal is to create a more robust and effective system for preventing and responding to financial elder abuse,” said Commissioner Fitzgerald.
The project, which is supported by the Federal Attorney General’s Department, commenced in late November 2024 and is expected to run for 14 months.
Also read: Grant program launched in WA to combat elder abuse
Milton writes as both an occupation and a hazard. He also works on the newsletters you see on Tuesday and Thursday with articles you should find interesting.
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