Financial abuse

The Australian Financial Review reports that up to one in 10 older Australians has been financially abused, with adult children the most likely perpetrators.

It also highlights the role of “inheritance impatience” and misuse of powers of attorney authorities, with an increasing number of applications to revoke a power of attorney after concerns arising from actions by family members.

But financial abuse can come from other sources, too, as the ABC Online showed in its reporting on the recently opened banking royal commission.

Conversation starter

What experience have you – or someone you know or care for – had with financial abuse of an older Australian who is still living at home (i.e., not in an aged care facility?) Was there someone in authority able to intervene? What was the outcome?

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