Imagine placing your trust in those closest to you, only to find that your life savings or assets have vanished. This scenario has become far too familiar for many older adults. On World Elder Abuse Awareness Day, observed on June 15, communities worldwide are being urged to recognize the insidious nature of financial abuse and to learn the telltale signs—or “red flags”—to prevent theft and exploitation.

The Hidden Epidemic Among Us

In a startling revelation, elders account for 30% of financial abuse allegations reported to the NSW Ageing and Disability Commission (ADC) from mid-2019 onwards. The heartbreaking reality is that for many victims, the offenders are often their own adult children. This betrayal stems from factors like “inheritance impatience” or abuse of Enduring Power of Attorney (EPOA), instruments designed to protect, not harm.

Millions at Stake, Yet Recovery is Rare

While millions have been salvaged thanks to vigilant reporting and intervention, incomplete recovery of funds remains a stark reality. The urgency to thwart such abuse is critical. As the Minister for Seniors notes, victims “often face devastating outcomes,” ranging from homelessness to a lack of essential resources.

Recognizing Financial Abuse

Common scenarios include elders being coerced into signing over assets or denied access to their finances. Regardless of wealth status, financial abuse does not discriminate, threatening both affluent elders and pension recipients alike.

Safeguarding Independence

Prevention is a shared responsibility. Elders can take proactive actions such as:

• Scrutinizing bank statements for anomalies.
• Carefully selecting and understanding the role of their EPOA.
• Staying informed about their legal rights.
• Consulting legal professionals before entering agreements affecting their estate.

Standing Up Against Abuse

In the words of Ageing and Disability Commissioner Jeff Smith, “This can happen to anyone.” He urges individuals to adopt practical measures such as financial vigilance and seeking independent advice to mitigate risks.

Play Your Part in Protection

If you or someone you know needs support, reach out to the NSW Ageing and Disability Abuse Helpline at 1800 628 221. Empowerment begins with awareness, and it is upon each of us to protect vulnerable loved ones from becoming statistics.

On this World Elder Abuse Awareness Day, let’s commit to becoming more vigilant, more empathetic, and ultimately, more protective of our seniors.

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