Seniors at risk of “Inheritance Impatience”

These figures come from the Australian Banking Association (ABA), which says more than half of all Australians fear their relatives may be vulnerable. Even worse, says the National Seniors’ Association, elderly parents are most at risk of financial abuse from their children, closely followed by other family members such as spouses and siblings.

Anna Bligh, chief executive of the ABA, says “Unfortunately, as many as 10 per cent of older Australians experience abuse, whether it be financial, legal, emotional, physical or neglect. Australian banks see first-hand the impacts of elder abuse and have put in place several initiatives to assist with the prevention of elder abuse, such as reporting suspected abuse to relevant authorities where there is an appropriate authority.”

June 15 is World Elder Abuse Awareness Day, which aims to identify the mistreatment of elders, including the growing problem of financial exploitation, particularly by those closest to them. But there are steps families can take to prevent this happening.