Elderly exploited for assets
The exploitation of the elderly is multi-faceted and needs to be addressed, the Financial Services Council believes.
Addressing the Elder Financial Abuse Symposium on Monday, the FSC called on the industry to tackle the issue of financial abuse of older Australians.
FSC chief executive, Sally Loane, said there was a need to identify and discuss one of the emerging problems associated with cognitive decline.
"We know that exploitation of the elderly is multi-faceted, and often involves emotional and physical harm. It is important that we consider all facets of this challenge, including the fact that people can be exploited for their assets," Loane said.
"As the wealth management industry is responsible for helping Australians grow and protect their wealth, it is important that we understand how to identify, understand, and tackle these complex issues."
Loane noted while the upside of advancements in health and medicine meant that Australians live longer, there was a change of experiencing deteriorating mental and physical health.
"There is currently a NSW Upper House Inquiry into elder abuse, and organisations such as National Seniors, Alzheimer's Australia and the Australian Human Rights Commission have been instrumental in bringing this debate to the fore," she said.
By Jassmyn Goh
20 October 2015
Money Management magazine