Vulnerable Customers

What is Elder Abuse?

Elder abuse refers to any mistreatment of an older person, including physical, emotional or financial harm. It often comes from someone they rely on or trust, such as a family member, friend, neighbour or caregiver. The behaviour may be intentional or unintentional, and the impact can range from poor care through to serious and deliberate harm. Sadly, abuse often occurs where there is an expectation of trust either in a long-standing relationship or in a new relationship that appears genuine but has been formed for the other person’s benefit.

Older adults may be more vulnerable to abuse because they often rely on others for daily support, which can place them at higher risk of both physical and financial harm.

Financial abuse is also common. This can occur when someone influences or manipulates an older person’s decisions, controls their finances without permission, or uses their bank accounts or assets for personal gain. It may involve accessing money or property without consent, pressuring them to change their will, or having them sign documents that affect their financial security.

What should you look out for?

If you are concerned that you or someone you know may be experiencing elder abuse, the following signs may indicate a problem:

• Unauthorised transactions, withdrawals or transfers from accounts
• Pressure to change wills or power of attorney documents
• A power of attorney acting in ways that do not support the person’s best interests
• Unpaid bills, even when someone is meant to help manage payments
• Missing valuables, or unauthorised use or seizure of property or possessions
• Irregular, unusual or unexplained account activity
• Transfers of money or assets to family members or third parties without clear reason
• Confusion or lack of awareness about personal financial matters
• Feeling pressured to act as a guarantor without fully understanding the responsibilities.

For further information, you can access resources such as the Australian Banking Association’s  Elder Abuse Fact Sheet and their video, Protecting Older Australians.

Family and domestic violence involves patterns of controlling behaviour within a close relationship that create fear or cause harm. It affects people from all communities, backgrounds and identities. This behaviour is a crime, and it can have serious and long-lasting effects on individuals, families and the wider community. 

It can also create financial vulnerability, as money and resources are often used to manipulate, isolate or control someone. Known as financial abuse, it is one of the most powerful ways an abuser can restrict someone’s independence and prevent them from leaving an unsafe situation.

What does financial abuse look like?

Financial abuse can be difficult to recognise, as every situation is different. Some common examples include:

• Withholding financial support: Refusing to provide essential financial assistance needed for daily living or for dependent children.
• Coercion over assets: Pressuring someone to give up control of their assets, take out loans, or co-sign credit agreements.
• Controlling behaviour: Restricting access to finances, bank accounts or financial documents, or limiting someone’s ability to work, study or apply for benefits.
• Exclusion from financial decisions: Preventing someone from having input into household spending or decisions about shared property.
• Financial dependence: Using debt, limited access to funds or financial control to stop a person from leaving the relationship.
• Demanding justification for spending: Requiring proof or explanations for every purchase, creating control and fear.
• Harassment through transactions: Using payment descriptions or messages in online transfers to intimidate or cause emotional harm.
• Monitoring access: Restricting access to phones, the internet or other communication channels to limit independence.
• Theft of assets: Taking money, cards or personal belongings without permission.
• Forcing responsibility for others’ expenses: Pressuring someone to pay another person’s bills or household costs.

What can happen when someone is financially abused?

Financial abuse is deeply harmful and can be emotional, stressful and traumatic. People may fear for their safety or the safety of their children. They may feel ashamed or worry they will not be supported or believed.

Someone who has experienced financial abuse may face:

• Responsibility for joint debts after a relationship breakdown
• Poor credit history as a result of loans taken out under pressure
• Limited opportunities to secure regular employment
• Difficulty paying essential household expenses
• Homelessness or housing instability
• Long-term financial hardship
• Isolation from family, friends and support networks.
  
  
  How we can help you through financial abuse
  If you or someone you know is experiencing financial abuse, Elders Finance is here to help. We have processes designed to support your safety and help you regain control of your financial wellbeing. These include:
  
  
• Updating your contact details, such as phone numbers, email addresses or a safe mailing address
• Resetting passwords, access codes, online banking credentials and card PINs
• Opening a new account in your name only, so you have a safe place to manage your money
• Changing operating or signing authorities on joint accounts so both parties must approve withdrawals or redraw requests
• Speaking with each account holder separately on any joint arrangement, and where reasonably possible, avoiding the need for one party to seek consent from another.

A power of attorney is a formal legal document that allows someone to act on another person’s behalf or in their best interests. It authorises an individual or a group (the attorney) to make decisions about the legal and financial affairs of another person (the principal).

An attorney can be a family member, relative, friend or professional, as long as they are over the age of 18.

Who needs a power of attorney?

There are many reasons why you may wish to appoint someone you trust to help manage your money or property. This may include:

• Experiencing a decline in mental health that affects your ability to manage your finances
• Being injured, unwell or physically unable to manage day-to-day tasks
• Being in hospital, travelling or deployed overseas
• Living remotely and finding it difficult to access essential services
• Feeling overwhelmed or unsure about managing your money (support is always available and asking for help is a positive step).

Are there different types?

Yes. There are three main ways someone may be authorised to make decisions on your behalf.

General power of attorney

A general power of attorney gives one or more people the authority to act for you in financial and legal matters. This can include buying or selling property, managing investments, operating your bank accounts or making payments on your behalf.

You decide when this authority begins, how long it lasts and what it covers. This arrangement can be helpful if you need support for a specific task or during a particular period of time.

Enduring power of attorney

An enduring power of attorney allows someone to make financial decisions for you if your health changes in a way that affects your ability to manage your financial affairs.

You can tailor an enduring power of attorney by setting limits or specifying what your attorney can and cannot do. It is an important way to have your preferences respected if you are unable to make decisions in the future.

Authority to operate

An authority to operate (also known as a signatory) is a type of permission your bank can provide for your accounts. It allows someone you nominate to access one or more of your accounts and complete everyday banking tasks on your behalf.

Their authority is limited to the accounts you specify. For example, they cannot open new accounts or act outside the permissions you have granted.

You can learn more and access helpful resources from the Australian Banking Association by viewing their Power of Attorney Fact Sheet and Australian Guardianship and Administration Council’s You Decide Who Decides Guide.

If you find yourself needing additional support, there are a range of community services and organisations that offer guidance, information and practical assistance.

Specialist help for farmers, fishers and foresters

The Australian Government's Rural Financial Counselling Services (RFCS) program provides free and independent financial counselling to eligible farmers, fishers, foresters and small related businesses experiencing, or at risk of, financial hardship. Visit their website to see if you are eligible and learn more. 

Specialised support organisations

There are many trusted organisations who can offer confidential support tailored to your situation. These services can help with safety, wellbeing, emotional support and financial guidance when you need it most. Here is a list of organisations you might find useful.

Gambling assistance

If you are worried about your gambling habits or feel they may be affecting your financial wellbeing, the National Gambling Helpline offers free, confidential support and guidance. 

If you have a vision impairment, mobility challenges, or a learning or cognitive disability that prevents you from using smart devices or that makes using digital banking difficult, our team is here to help.

You can contact us by phone or visit your local branch for friendly, in-person support.

National Relay Service (NRS)

If you’re deaf, hard of hearing, or have speech difficulties, to obtain banking support you can contact us through the NRS by getting in touch with the NRS via your preferred call channel, as listed on their website or giving the NRS the Elders Finance Support  phone number 1300 729 380. For more information, visit About the NRS.

Auslan

If you need to discuss banking matters in Auslan, we can arrange for an Auslan interpreter to join you at your preferred branch at the scheduled time, subject to interpreter availability. Just request this service by sending us a secure message from your Online Banking or in person at your local branch.

TIS National - Translating and Interpreting Services

If you prefer to speak in a language other than English, we can arrange an interpreter for your call, subject to the availability of translator(s). Just ask for an interpreter when you call us on the Elders Finance Support phone number 1300 729 380.  

Easy read guides

Via our banking partner, Auswide Bank, we offer Easy Read guides from the Australian Banking Association (ABA) to make essential information more accessible for all customers.

• Each guide explains one idea per sentence
• They use simple language and formatting, including bullet points and subheadings
• Visuals are included to enhance understanding.

You can ask someone to help you: read these guides, understand their content or find additional information.

The ABA Easy Read guides cover topics such as:

• ATMs that are free to use
• Bank at Post Services
• Banking safely
• Calling your Bank
• Getting help with your debts
• Getting started with online banking
• Opening a bank account
• Staying safe from scams.