Levels of elder financial abuse increasing in WA: Bankwest

Bankwest’s Hidden Costs report has found that 28 per cent of Western Australians reported having experienced elder financial abuse, an increase of 2 per cent on the previous analysis.

The survey collected responses from over 1,000 Western Australian adults and was commissioned by the bank in order to “raise awareness of a covert epidemic impacting those in more vulnerable circumstances across the state”.

The report noted a “significant concern” being the fear impeding the older generation affected by financial abuse from seeking help, with 48 per cent either stating they were unsure if they would seek help or had not/would not do so.

This reflected other results that revealed that 69 per cent of the Baby Boomer generation felt it would be difficult to seek help for financial abuse, higher than Gen X (56 per cent), Millennials (54 per cent), and Gen Z (62 per cent).

The leading barriers among older Western Australians in seeking support were risk of retaliation from the perpetrator (90 per cent), the risk of the perpetrator finding out (81 per cent), and embarrassment (76 per cent).

Another concern among this cohort was the risk of not being believed if they sought support (58 per cent).

Non-repayment of loans was the leading form of financial abuse experienced by elderly Western Australians at 68 per cent, followed by use of a victim’s money without knowledge or consent (67 per cent), and making the victim feel incapable of handling their money (59 per cent).

Bankwest general manager, personal banking Scott Spittles said: “Bankwest has been supporting Western Australians for 129 years, and we remain committed to our customers and the communities of our home state.

“Banks can often be among the first contacted by someone experiencing Family and Domestic Violence, and we believe it is our responsibility to support initiatives such as World Elder Abuse Awareness Day and 16 Days in WA.

“The Hidden Costs research plays an important role in helping to inform discussion on these critical societal issues, while we ensure our colleagues are trained and equipped to identify abuse and provide appropriate support.”

This report comes as Suncorp Group announced it has aligned with 21 other Australian businesses across the banking, insurance, telecommunications, education, and tech sectors in a “world-first” mobilisation against domestic and family abuse perpetrators.

[RELATED: Non-major aligns with ‘world-first initiative’ to combat financial abuse]

Adrian Suljanovic is a journalist at Broker Daily with more than two years experience reporting on all facets of the third party distribution channel.

Adrian has written for a range of business and finance titles including IFA, Investor Daily and Lawyer’s Weekly before joining the mortgages team in 2022.

He graduated from the University of Wollongong in 2021 gaining a Bachelor of Communication & Media with a major in Digital & Social Media.

E-mail Adrian at: This email address is being protected from spambots. You need JavaScript enabled to view it.