Protecting Our Seniors: Recognizing and Combating Financial Abuse
On World Elder Abuse Awareness Day, we shine a light on the financial exploitation of older individuals, urging awareness and preventive measures.
Every June 15, the world unites to highlight World Elder Abuse Awareness Day. It’s a time to draw attention to the grim reality faced by many of our older community members—financial abuse. According to The Lismore App, studies show that financial abuse accounts for a substantial portion of cases reported, with older individuals often at the mercy of those they should be able to trust.
Understanding the Scope
Financial abuse remains a prevalent issue, affecting an estimated 30% of allegations received by authorities like the NSW Ageing and Disability Commission. The problem often arises from situations dubbed as “inheritance impatience”—a scenario whereby adult children misuse their power and access, often leading to detrimental outcomes for the elderly.
The Role of the Family
Sadly, those perpetrating this abuse are often close family members. Utilizing instruments like the Enduring Power of Attorney (EPOA), they manipulate to gain control over financial assets. Jeff Smith, Ageing and Disability Commissioner, emphasizes the heart-wrenching reality for those who never imagined themselves as victims of such crime.
Government Intervention
Various governmental bodies have adopted well-coordinated strategies to combat this abuse. Jodie Harrison, Minister for Seniors, articulates the difficulty in not only identifying but addressing the damage which may leave older individuals without basic necessities. The government supports stringent measures and constant vigilance to protect our elders from such infringement on their dignity.
Empowering Our Elders
Protection starts with awareness. Older individuals can take proactive steps against financial abuse. This includes routinely checking bank statements for suspicious activity, thoughtfully appointing individuals as EPOA, and comprehending their rights when it comes to legal agreements.
Seeking Support
For those facing these challenges, support networks like the NSW Ageing and Disability Abuse Helpline are lifelines, ready to offer guidance and redress. It’s imperative for caregivers and the wider community to spread awareness and act decisively against this stealthy form of exploitation.
As we mark this important day, it’s crucial to remember our shared responsibility in safeguarding older individuals’ autonomy and dignity. With collective effort, we can make strides towards a society where financial abuse is recognized and eradicated.
