Support for members who are at risk of or are experiencing financial elder abuse.
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Financial elder abuse is where a trusted person misuses an older person's money or belongings.
Financial elder abuse can happen to anyone and often the victim is not aware of it.
Financial elder abuse matters: it can be financially crippling, destroy families and cause psychological harm. As Australia's population ages, more people are vulnerable to financial elder abuse.
Financial elder abuse can take many different forms. Financial elder abuse is often perpetrated by a trusted family member, carer or friend.
For more information see the Australian Banking Association's Safe and Savvy Guide.
Click each item to learn more
Elder financial abuse can happen to anyone and often starts much younger than people think. There are communities and people who have a higher risk of financial abuse. These groups include people who:
First Nations Heritage members can have a higher risk of financial elder abuse. This can be due to factors such as cultural expectations of sharing wealth, and family caregiving roles. While cultural norms of family obligation can be a positive thing, it also can create a larger risk of financial abuse.
Elder financial abuse can be difficult to recognise for anyone. There are three main categories of warning signs:
A Power of Attorney is a legal document that gives a person (or people) the authority to manage your financial affairs.
A Power of Attorney can be useful for managing financial matters, especially where you are experiencing a decline in your health, an injury or physical ailment, or have difficulty managing your money yourself.
Although a Power of Attorney can be beneficial, there are also risks of financial elder abuse.
Important
It is important to choose the right person, or multiple people, to be your attorney. These should be people who understand what your wishes are and will act with your best interests in mind.
It is important to seek legal advice when choosing to make a Power of Attorney. Your lawyer can help you specify or limit the powers in the Power of Attorney depending on your wants or concerns.
For more information on Powers of Attorney, see our Power of Attorney webpage.
You can help reduce the chance of financial elder abuse. Where you are helping an older person:
These can be subtle, and may include:
If you are concerned you, or someone you know may be experiencing financial elder abuse, please contact us.
If you think you or a loved one may be experiencing financial abuse, please visit an IMB branch or call us on 133 462 so we can:
Talk to your solicitor or visit:
This information has been prepared by IMB Bank for general information and reference and it is not intended to be advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice when appropriate, and consider the relevant Terms and Conditions or Product Disclosure Statement before deciding whether to acquire any products or services offered by IMB Bank. We do not recommend any third party products or services referred to in this article and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. IMB Ltd trading as IMB Bank. ABN 92 087 651 974 AFSL/Australian Credit Licence 237
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