Mounting financial pressures are leading some Australians to take advantage of their older relative’s finances.
There are many different means of financial abuse. Some might seem less obvious than others.
Creating a clear plan is the most effective way of protecting against elder financial abuse.
Baby Boomers account for one quarter of Australia’s population, yet they own half the nation’s wealth.
It’s this sizeable net worth that’s meant some older Australians are able to provide loans to younger relatives struggling with high costs of living or the housing crisis.
But according to Nicole Woodward, head of Trustee Services at Australian Unity, not all of these contributions from “the Bank of Mum and Dad” are voluntary. She says intense cost-of-living pressures and a shortage of affordable housing has placed older Australians at risk of financial fraud by younger relatives.