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Elderly exploitation is multi-faceted: FSC
The Financial Services Council (FSC) has called on the industry to address the issue of elder Australians being exploited for their assets
Speaking at the Elder Financial Abuse Symposium on Monday, the FSC said the financial abuse of older Australians was multi-faceted.
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.
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