How to spot and prevent elder financial abuse

That's why we're raising awareness about elder financial abuse, a hidden risk that can threaten the hard-earned savings of older Australians.

Elder financial abuse happens when someone takes advantage of an older person’s finances, often through pressure, manipulation, or exploitation. 

Financial abuse can be obvious, but it can also be hard to spot. It can take many forms, such as pressure by a trusted family member to make a financial decision that may not be in the older adult’s best interests, or a scammer targeting vulnerable retirees.

The impact can be devastating, harming not just the victim’s financial wellbeing but also their independence and peace of mind.

Protecting the financial wellbeing of you and your loved ones starts with knowing the warning signs. Elder financial abuse isn't always easy to recognise, but there are some things you can look out for:

• sudden changes in account details or withdrawals
• pressure to sign documents you don’t understand
• isolation from friends or support networks
• unexplained financial hardship.

If you notice any of these signs, or if something doesn’t feel right, you can contact us for confidential support.

Here are some tips to help protect yourself and your loved ones.

• Stay informed. Older people can be more vulnerable to scams and fraud due to life changes such as grief or loneliness, increased trust in others, and rapid technological changes. Learn about common tactics used by abusers and scammers. 
• Keep your details secure. Never share your superannuation account information or passwords. 
• Be cautious when making financial decisions. Don't rush into changing beneficiaries, withdrawing funds, or giving other people access to your accounts.
• Seek advice. If you're unsure, reach out for professional financial advice.

To learn more about how to keep your super safe, check out our article about online fraud and scams.

Elder financial abuse is a complex issue, but together we can make a difference. By staying informed, protecting your details, and seeking professional  advice when needed, you can help safeguard your retirement savings.

At Hostplus, we’re committed to identifying risks and supporting vulnerable members. We work closely with industry bodies and regulators to ensure that our members’ best financial interests are protected and remain at the heart of what we do.

You can contact us by live chat, over the phone, via email, or in person at one of our ServicePlus centres. If you'd prefer that we call you, please provide your contact details in an email or live chat, along with your preferred time for us to call.

For more information and support, you can also phone 1800 ELDERHelp (1800 353 374), or visit trusted organisations such as the Older Persons Advocacy Network and the Financial Rights Legal Centre.