Newspaper icon
The latest issue of Financial Standard now available as an e-newspaper
READ NOW

Financial elder abuse programs launch

Protecting Seniors Wealth has unveiled new programs for the financial services sector so that it can do more to help prevent financial elder abuse.

The training provider is targeting superannuation funds, financial advice firms and investment managers with the professional development program, which provides guidance on how to resolve or prevent situations that lead to financial elder abuse.

Protecting Seniors Wealth chief executive Anne McGowan said: "Corporations in this industry have a fiduciary duty and responsibility to act in the clients' best interests, yet how can they effectively assist clients or customers satisfactorily, if they don't have all the appropriate options to help them?"

The National Ageing Research Institute of Seniors Rights Victoria found that 80% of seniors have experienced financial, psychological and/or emotional abuse.

Six in 10 older Australians are worried that someone they know will be the victim of financial abuse, according to the Australian Banking Association. Such abuse is expected to be more prevalent as Australia's population is expected to grow to 40 million by 2055; 25% of whom will be over 65.

McGowan said the global pandemic is driving the rate even higher.

"This new motivational approach to training has the potential to help curb massive increases in this unwanted trend significantly," McGowan said.

Read more: Protecting Seniors WealthAnne McGowanAustralian Banking Association