It is always up to us what happens with our money

For many reasons, our financial management may involve other people—family members, an accountant, a financial planner, bank staff. But even if someone else is helping us look after our money, we should always know how much we have, where it is and what’s it’s spent on.

Are there transactions on our bank statements or accounts that we don’t recognise? Is someone putting us under pressure to make financial decisions the way they want? Have we ever felt uncomfortable about another person’s involvement in our money matters?

Anything like this could be a sign of financial elder abuse. ‘Elder abuse’ is a term used to describe abusive behaviour towards an older person or a lack of care that results in harm or distress. It can happen in all kinds of relationships and situations, and it can be deliberate or unintentional. It can be hard to recognise, and there is more than one type of elder abuse.

Financial elder abuse is the theft or misuse of an older person’s money, assets or property. Sometimes it involves threats and intimidation, but not always. It can be quiet and hidden.

The abuse can be as simple as:

• someone keeping the change or buying things for themselves when they do shopping for us.

• not contributing to household expenses while they live with us.

• keeping our bank statements from us.

It can also be as big as someone:

• withdrawing our money without your permission

• insisting they manage our money for us

• pressuring us to change our will in their favour or to lend them money, possessions or property

• selling our home without our consent.

Sometimes, financial elder abuse can arise through the misuse of a power of attorney. It’s important to have this document, but it’s wise to involve a solicitor when we appoint our attorneys and put into writing exactly how we want them help us with decisions if the time comes when we need help. This reduces the chances of someone misusing the document that’s designed to protect our choices.

When we have other people helping us manage money, things usually go well. But if something isn’t right, we should take notice of the warning signs, take action and get some expert help. That could be all that’s needed to protect our finances, home and security.

Explore more about financial abuse

• Introduction to financial elder abuse

• 10 common forms of financial abuse

• Warning signs of financial elder abuse

• Introduction to enduring powers of attorney

Learn more about elder abuse