Financial abuse

Behaviours

  • Threatening, coercing re: assets or wills
  • taking control of the person’s finances against their wishes and denying access to their own money
  • abusing Powers of Attorney
  • stealing goods, e.g. jewellery, credit cards, cash, food, and other possessions
  • unauthorised use of banking and financial documents
  • the recent addition of a signature on a bank account.

Warning signs to observe

  • Unexplained disappearance of belongings
  • unexplained inability to pay bills
  • significant bank withdrawals and/or changes to wills
  • inability of the person to access bank accounts or statements
  • stockpiling of unpaid bills or an empty fridge
  • disparity between living conditions and money
  • no money to pay for essentials for the home including food, clothing, and utilities.
  • What is financial abuse?
    Transcript

    Financial abuse includes when someone misuses or controls an older person’s or adult with disability’s money, or assets without their consent. It often involves manipulation, or deception by someone they trust, such as a family member or friend.

    It can involve using the adult’s money without their permission, unexplained changes to bank accounts, not having enough money for everyday needs, being denied access to money, being pressured to sign documents, enter a loan, or change a Will, or misuse of a Power of Attorney.

    Many people don’t seek help because they feel afraid or ashamed, or worried about losing relationships or support. This can make financial abuse harder to recognise.

    Everyone has the right to control and access their own finances, make their own decisions, and maintain relationships free from pressure, abuse or control. 

    Individuals can reduce their risk by staying aware of their finances, checking for unusual bank account activity, not sharing PINs or passwords, keeping personal information and documents safe and seeking independent advice before making financial decisions. Staying connected to trusted people and the community can also help.

    Trust your instincts. If something doesn’t feel right, seek help.

    Talk to someone you trust, such as a friend, doctor, legal professional or support worker. 

    To make a report, or for advice, contact the Ageing and Disability Abuse Helpline.

    Call 1800 628 221, Monday to Friday, 9am to 4pm. Support is free and confidential. 

Financial abuse case study

Anna is an 82 year old woman who has a chronic illness and cannot get around easily. Her son, Tom, moved in to be Anna’s carer as his marriage broke down.

Tom does the shopping using Anna’s ATM card and never shows her the receipts when she asks.

There are unpaid bills piled on the table and Anna tells you that she cannot afford community services anymore.

Behaviours

  • Tom never shows Anna the ATM receipts.

Signs

  • Unpaid bills on the table and Anna wants to cancel community services.

Resources

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