Australians are living longer and living richer than at any time in our history. The Intergenerational Report predicts that 40,000 people will celebrate their 100th birthday in 2055. Some older women will enjoy their wealth – travelling the world, with their luggage broadcasting that they are ‘spending their children’s inheritance’. Others will live in an aged care facility while their children keep their eyes peeled on the ‘Bank of Mum’.
State Trustees Victoria report ‘For Love or Money: intergenerational management of older Victorians’ assets’ shows that women over the age of 80 are most at risk of financial elder abuse. This research found that adult sons are the most common perpetrators.
Financial elder abuse involves taking or misusing an older person’s money, property or assets. Studies confirm that financial abuse is the fastest-growing type of abuse of older women. So much so that Senior Rights Victoria suggested the terms of reference for the Royal Commission into Family Violence should include elder abuse. Read more »