Financial abuse of the elderly is rising as people live longer, says the chief executive officer of the State Trustees Craig Dent.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
The 2015-2016 annual report of Senior Rights Victoria states that financial abuse is the most common form of abuse reported to that body, and Mr Dent says 190 cases were reported in September alone this year.
Financial abuse takes many forms and is for the greatest part hidden, says Mr Dent.
“Without a shadow of a doubt this is hidden, off-radar and it has been going on for a very, very long time. People are living longer, often with one or more illness, and thus the propensity to therefore be at risk of financial abuse is sadly increasing.”
A situation that enables the proliferation of financial abuse is the astonishing revelation that half the state’s population do not have a valid will, nor medical or financial powers of attorney in place.
Mr Dent says is disappointing that such protections, which are easy and cheap to acquire, are not seen as a necessity by people while they are still healthy and acting in a sound mind.
“They are the most obvious instruments to mitigate against future financial abuse,” says Mr Dent.
He says that while too many people are unaware that they are victims of abuse until an incident occurs and they find themselves being referred to the State Trustees, it’s the cases where people are aware of abuse against them and are too frightened or ashamed to seek help that really trouble him.
“There can be an unfortunate sense of shame because often it’s a family member, even a close family member that’s perpetrating that crime against them.
“They're embarrassed. They don't want to talk about it. they're concerned if they do something about it or raise it, the risk of access to the broader family or the risk of access to grand-kids or great grand-kids comes into play - they find themselves in a conflicted position.”
It’s important for whoever is aware of the abuse – be it a family member, a bank teller, a GP, a neighbour or whoever – no matter what the relationship, says Mr Dent, it needs to be reported.
“Whether it's somebody misusing an ATM. or credit card; whether it's somebody taking money or property or someone forcing or forging an older person’s signature predominately to facilitate the transfer of property or some significant asset; if you're a professional an accountant or a lawyer and you notice that a relative is coming to a will appointment with an older person, you can normally pick up whether there is some influence going on.
“We've been looking at instances of financial abuse since 2009 when we commissioned the first major study into financial abuse with Monash University. Those studies have resulted in six very significant papers from 2009 to 2016 and we’ve updated it in 2017. We'll continue to keep an eye on it, we’ll continue to talk about it and we’ll continue to receive calls where people suspect they are susceptible.”
Mr Dent says the State Trustees are there to help the most vulnerable Victorians at any time. He has also published a comprehensive history of the rise of trustees in Australia. The Creation of Trust: A History of the Public Trustees gives a fascinating overview of the creation of each state’s public trustee offices, from the appointment of the ‘Master in Lunacy’ and ‘Inspector General of the Insane’ in NSW in the late 1800s to the modern corporatised State Trustees in Victoria.
He says the role of the trustee and the associated public guardians are now constantly evolving to bring a modern relevance to a long-established and credible office.