More than 1.6 million Australians are affected by financial abuse each year and people over the age of 50 and the elderly are particularly at risk1. By understanding the warning signs of elder financial abuse and preparing your clients for the future, you can help them protect their financial assets.
Financial abuse can take many forms, from scams and fraud to emotional blackmail and theft, and it can be committed by strangers, friends or even family members. Elderly people are particularly vulnerable to this kind of mistreatment and the impacts can extend beyond financial loss – for example, causing anxiety and depression, or preventing access to food, medical care and safety.
We’ve put together some resources you can use with your ageing clients to educate them about financial abuse and explain how they can keep their finances safe.
Resources for you
Resources for clients
1Australian Bureau of Statistics, Personal Fraud, 2014-15.
Adviser use only
Disclaimer
This information has been prepared by Colonial First State Investments Limited ABN 98 002 348 352, AFS Licence 232468 (Colonial First State) based on its understanding of current regulatory requirements and laws as at October2018. While all care has been taken in the preparation of this document (using sources believed to be reliable and accurate), to the maximum extent permitted by law, no person including Colonial First State or any member of the Commonwealth Bank group of companies, accepts responsibility for any loss suffered by any person arising from reliance on this information. This information is for the adviser only and should not be handed on to any investor. It does not take into account any person’s individual objectives, financial situation or needs. You should read the relevant Product Disclosure Statement (PDS) before making any recommendations to a client. Clients should read the PDS before making an investment decision and consider talking to a financial adviser. PDSs can be obtained from colonialfirststate.com.au or by calling 13 18 36.