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Elder financial abuse happens when someone misuses or takes control of an older person's money, assets, or property – without consent. It can cause long-lasting emotional and financial harm. Elder financial abuse is often carried out by someone the person knows and trusts – such as a family member, friend, or carer.

If you're worried that you or someone you know is being taken advantage of financially, it's important to reach out for help as early as possible.

 

Support is available

If you're worried that you or someone you know has fallen victim to elder financial abuse, please call the Elder Abuse Helpline on 1300 724 679.

What is elder financial abuse?

Elder financial abuse (sometimes called financial exploitation) is the illegal, improper, or unauthorised use of an older person’s finances or assets. This can include:

Misuse of legal or financial authority

Someone changes or forges important documents like wills, property titles, or powers of attorney without consent.

Coercion or manipulation around banking

They're pushed or tricked into signing documents, changing their banking arrangements, or adding others as signatories.

Unauthorised access to funds or personal items

Their cards, cash, or bank accounts are used without permission, or valuables and identity documents are taken from their home.

Pressure to give gifts or loans

They feel pressured or deceived into giving gifts, loans, or financial support they wouldn’t normally provide.

Because this type of abuse often involves people in positions of trust, it can be difficult for the behaviour to be recognised, and often goes unnoticed or unmentioned.

Recognising the signs

It’s not always easy to identify elder financial abuse, but you may notice one (or more) of these signs: 

  • Unusual banking activity: Large or unexplained withdrawals or transfers, new and unexpected names added to bank accounts, or sudden changes to investments or spending habits.
  • Missing money or documents: Important items may start disappearing – from cash, cards, and valuables, to legal or financial paperwork, such as wills or deeds.
  • Changes to legal or financial arrangements: Important financial or legal decisions may be made on the person’s behalf without their full understanding or consent, including sudden changes to wills, powers of attorney, or how assets are controlled.
  • Unpaid bills or essentials: Bills or rent going unpaid, or them suddenly lacking necessities like food or medicine despite having the means to pay.
  • Isolation or emotional distress: The person may seem withdrawn, anxious, or fearful – especially around certain individuals – or may have less contact with friends, family, or their community.

If any of these signs sound familiar, it’s important to reach out for advice and support. 

How to protect yourself or someone you care for

Taking proactive steps can help reduce the risk of elder financial abuse.

Keep communication open

Talk regularly about finances, wishes, and trusted contacts.

Store documents safely

Keep wills, deeds, and identification secure.

Monitor financial activity

Check bank statements and financial documents to ensure there’s no unusual activity.

Set up legal safeguards

Establish enduring power of attorney or guardianship while the person is of sound mind, and review documents regularly.

Encourage social connections

Staying connected with family, friends, and the community can help reduce isolation and vulnerability.

Be scam aware

Know what to look out for with common scams – such as phishing calls or fraudulent requests for money.

 

Important note about powers of attorney

A power of attorney gives another person significant control over your financial decisions – often the same decisions you could make yourself. Before appointing an attorney, make sure it's someone you trust completely.

Unfortunately, this power can be misused – even by close family members – so it's important to review arrangements often and keep communication open.

What to do if you suspect elder financial abuse

If you believe you or someone you know is being financially abused: 

  • Document what you notice – Keep records of transactions, correspondence, or concerning behaviour. 
  • Have an open conversation – Speak to the older person if it’s safe to do so, or involve someone they trust. 
  • Seek professional advice – Contact a lawyer, financial counsellor, or elder rights service for guidance. 
  • Report it – Notify local authorities such as the police, elder abuse helplines, or consumer protection agencies. 
  • Protect accounts – Talk to the person’s bank about extra safeguards, such as alerts or dual authorisation requirements. 

External support services

If you or someone you know needs help, these organisations can provide confidential advice and support.