How common is financial abuse?

The Survey of Older People indicated that 2% of community-dwelling people aged 65 and older in Australia reported experiencing financial abuse in the 12 months preceding the survey.

Of those who reported experiencing financial abuse, being pressured into giving or loaning money, possessions or property was the most common form of financial abuse (42%) (Figure 1). Although most older people who experienced financial abuse reported experiencing one type of financial abuse (68%), nearly one-third reported experiencing multiple types.

Figure 1: Participants who experienced financial abuse in the past 12 months, proportion reporting each financial abuse item and number of items reported

Prevalence of financial abuse was similar for men and women. Low socio-economic status and being separated or divorced were factors associated with a greater risk of financial abuse.

Who commits financial abuse?

Older people who reported an experience of financial abuse provided information regarding the 'main perpetrators' of the abuse. The 'main perpetrator' of financial abuse refers to the only perpetrator of the financial abuse or the perpetrator who affected the older person the most if there was more than one person perpetrating the financial abuse.

• 'Main perpetrators' of financial abuse were more likely to be male than female (65% vs 35%).
• Sons were twice as likely as daughters to be reported as the 'main perpetrator' (21% vs 11%).
• Financial problems were common among 'main perpetrators' (55%).
• Mental health problems were also relatively common among the 'main perpetrators' of financial abuse (37%).

Figure 2 shows the relationship between the person who experienced the abuse and the perpetrator ('main' and other perpetrators).

• Overall, four in 10 perpetrators of financial abuse had intergenerational relationships with the victim.
  • Children (sons more often than daughters) were the largest perpetrator group, accounting for one-third of all financial abuse perpetrators.
  • Grandchildren and step-children accounted for 5% and 4% of all financial abuse perpetrators respectively.

Figure 2: Relationship of perpetrators to the participants who experienced financial abuse (as % of all financial abuse perpetrators)

Note: An older person may report more than one person who perpetrated financial abuse.

Do people who experience financial abuse seek help?

Three in 10 older people who reported experiencing financial abuse in the past 12 months reported that they sought help or advice for their experience of financial abuse.

The common sources reported by those who sought help were:

Regardless of whether they sought help or advice for their financial abuse experience, most older people indicated that they took actions, or had action taken on their behalf, to stop the financial abuse from happening again (79%). As shown in Figure 3, the most common actions were speaking with the person perpetrating the abuse (59%) and breaking contact with or avoiding the person involved (30%).

Figure 3: Action taken by older persons who experienced financial abuse in the past 12 months

Note: Multiple responses and sum may exceed 100%.

Support services/Helplines

• If you have any concerns about potential or actual elder abuse, please contact 1800 ELDERHelp (1800 353 374) to be redirected to the existing phone line service in your state or territory (free call).
• If you or someone you know have experienced violence or sexual assault and require immediate or ongoing assistance, contact 1800 RESPECT (1800 737 732) to talk to a counsellor from the National Sexual Assault and Domestic Violence hotline.
• For confidential support and information, contact Safe Steps' 24/7 family violence response line on 1800 015 188 or the Men's Referral Service on 1300 766 491.
• For a confidential discussion with an experienced counsellor, call Lifeline on 13 11 14.