Financial abuse – older people
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Financial abuse of older people
Financial abuse can happen to an older person when someone in a position of trust misuses that relationship to take advantage of, exploit or cause financial harm. It can take many forms and affect anyone.
Who is at risk
Anyone can experience financial abuse, though certain groups of people may be at higher risk, including those that:
- Rely on others for care or support
- Live with physical, cognitive or mental health challenges
- Are alone or isolated
- Have previously experienced other forms of abuse
- Have lower levels of financial literacy or confidence managing finances
- Are from migrant or refugee backgrounds
- Identify as having First Nations heritage
- Are from LGBTQIA+ communities
- Have been diagnosed with long term illnes.
Common forms of financial abuse
Financial abuse can take many forms. It may involve a single incident, ongoing behaviour, inaction or threats.
Common forms include:
- Misuse of a power of attorney
- Theft of money or property
- Unauthorised use of funds
- Pressure, threats or intimidation
- Emotional blackmail
- Abuse of informal family agreements
- Failure to provide promised care
- Guarantor arrangements gone wrong
- Inheritance pressure
- Scams and fraud.
Getting support
Safe & Savvy Guide
Developed by Commbank, with specific input from Bankwest. Our guide provides practical information, resources and activities to help you better understand and prevent financial abuse of older people.
We’ve also included a list of support services and where to get help at the end of the guide.
Recognise and Recover Guide
This guide is designed to support recognising financial abuse and provides information and resources to support recovering and regaining your financial independence. It may also help you have a conversation with someone you think might be in a financially abusive relationship.
Recognise and Recover Guide (PDF)
We’re here to help
If you’re going through a difficult time help is available. These phone lines are not crisis support services, and operating hours vary. Your safety is our priority. In an emergency or if you’re not feeling safe, always call 000.
Community Assist Line
National Elder Abuse Helpline
This is a free and confidential service that isn’t part of Bankwest. A national free call phone number that automatically redirects callers seeking information and advice on elder abuse with the existing phone line service in your area. This phone line has been established in collaboration with state and territory governments.
1800RESPECT
This is a free and confidential service that isn’t part of Bankwest. 1800RESPECT is a national domestic, family and sexual violence counselling, information and support service available to call, text or chat 24/7.
Specialised support services
Our support teams are here when you need them.
Financial hardship
If you’re having trouble meeting your repayments or need financial support, we’re here to listen and help you get back on track.
Available 6am - 6pm AWST Monday to Friday, except WA and national public holidays.
Customer assistance lines
Providing better banking access from remote and regional areas and help when you need it.
- Option 1: Deceased estates
- Option 2: Support for First Nations customers
- Option 3: Power of attorney
d/Deaf, hard of hearing or speech/communication impaired
Message us in the Bankwest App or use the National Relay Service (NRS) to contact us:
- Step 1 – Contact us through your preferred NRS call channel detailed on NRS call numbers and links.
- Step 2 – Provide the NRS with our phone number 13 17 19.
Available 8am to 5pm AWST, Monday to Friday, except WA and national public holidays.
Interpreter services
If English isn’t your first language, access free interpreter services from the Translating and Interpreting Service (TIS National) in over 150 languages when you call us.