RSM Perth partner Katie Timms told the Class Ignite conference about common red flags that could signal elder abuse, and how to respond as an accountant or adviser.
"[Elder abuse] is becoming more and more of a problem and it's that horrible squirmy feeling in your stomach where you think, is this kid actually just helping out or is there something murky going on there, and what's our obligation?" she told the conference.
A 2021 study by the Australian Institute of Family Studies (AIFS) found that an estimated 14.8 per cent of Australians over 65 had experienced elder abuse in the year prior. Financial abuse was the third most common subtype of abuse.
AIFS has warned that elder abuse will become more prevalent as Australia’s population ages, given that the 65 and over age group is expected to more than double from 3.8 million to 8.8 million in the 25 years following 2021.