Financial Abuse of Older People

What is financial elder abuse?

Financial elder abuse is the misuse or theft of an older person's money or assets. It is often associated with other forms of abuse, particularly emotional or psychological abuse.

This can cover a broad spectrum of behaviours, sometimes described as existing between thoughtless actions and outright theft. Coercive control and conduct are often present.

The growing problem

Governments and the community increasingly recognise that the abuse and mistreatment of older people is a serious social, human rights and health problem.

According to the 2021 Australian Institute of Family Studies' National Elder Abuse Prevalence Study, about 1 in 6 older Australians report experiencing elder abuse in the previous 12 months, and this is on the rise according to various national and state-based elder abuse helpline data.

Financial abuse is the third most common form of elder abuse, after psychological abuse and neglect.

The many risk factors contributing to financial elder abuse are likely to increase in the next 20-30 years, including the issue of inheritance impatience. These factors include:

• the growing ageing population, with people living longer and healthier lives
• the largest intergenerational wealth transfer in history
• growing economic pressures, such as the rising cost of living, lack of affordable housing and low wage growth.

National Response

The National Plan to End the Abuse and Mistreatment of Older People 2026–2036 was released by the Australian Government in March 2026.

The Age Discrimination Commissioner has welcomed the new National Plan’s human rights-based approach and focus on addressing the urgent issue of financial elder abuse, see Media Statement.

The Commission’s work

The Commission’s work to establish a Financial Elder Abuse Action Collaborative began in late 2024 with financial support from the Commonwealth Attorney General's Department.

The Financial Elder Abuse Project brought together representatives from the banking, superannuation, and financial services sectors, legal and regulatory bodies and peak community organisations to prevent and respond to financial elder abuse.

The Project has involved:

• Development of a cross-sector stakeholder list of sector representatives from the banking, finance, advocacy, community, government and regulatory agencies
• Financial Elder Abuse Survey of the sectors dealing with financial elder abuse to inform and facilitate conversations to explore how to drive action to address it.
• Four roundtable discussions to consider different focus areas on the problems - what is working well, what the gaps and how the sectors can work better to strengthen the financial safety for older Australians.
• An Online Forum co-hosted with Elder Abuse Action Australia (EAAA) in 2025, Stronger Together: Taking Action on Financial Elder Abuse. This Forum shared actions being taken by banks and financial services to address financial elder abuse, and an insightful data snapshot of financial elder abuse in Queensland.
• Ongoing advocacy and consultations with key stakeholders from across the sectors and Government.

Following the conclusion of the Project in April 2026, the Commission continues to build on this collaborative work, focusing on tackling the financial abuse of older people and promoting shared responsibility to strengthen systemic responses and support coordinated, cross-sector actions against abuse.

Related content

• Learn more about elder abuse
• Read more about our work on elder abuse
• Understand more about age discrimination
• Explore our interview series which looks at the experiences of ageing in Australia