International Day of Older Persons, 1 October, is a time to celebrate the contributions of older people and raise awareness of the challenges they face. First established by the United Nations in 1990, the day raises awareness of the importance of supporting older persons in all aspects of life.
This year’s theme, “Older Persons Driving Local and Global Action: Our Aspirations, Our Well-Being and Our Rights,” highlights the essential role older people play in building strong and fair communities. Using their knowledge and experience, they help improve health, support financial security, strengthen communities, and protect human rights.
Yet, ageing can also bring challenges. Many older people face challenges like discrimination, loneliness, poor healthcare access, and financial pressures. As the world’s population ages, it’s vital that governments, organisations, and communities create fair policies that respect their dignity and provide equal opportunities. The 2025 International Day of Older Persons is also a chance for older people to share their voices, advocate for their rights, and be heard.
The number of people aged 65 and over is growing rapidly, rising from 260 million in 1980 to 761 million in 2021, and is expected to make up 17% of the global population by 2050. This highlights the importance of promoting health, preventing illness, and creating supportive environments that help older people stay active, independent, and engaged in their communities.
“As this year’s theme reminds us, older persons are powerful agents of change. Their voices must be heard in shaping policies, ending age-discrimination, and building inclusive societies.” – UN Secretary-General Antonio Guterres
Elder financial abuse
One of the most serious issues facing older people today is elder financial abuse. This occurs when someone illegally or improperly uses an older person’s money, property, or assets. Sadly, it often happens at the hands of those closest to them, including family members, carers, or trusted professionals.
Financial abuse can take many forms, such as:
- Using an older person’s bank account or credit card without their permission
- Coercing or tricking them into signing legal or financial documents (e.g. property transfers, wills, or loans)
- Misusing a power of attorney for personal gain
- Stealing money, valuables, or essential household items
- Moving into the person’s home without consent or failing to contribute financially
- Pressuring them to give away money, assets, or make changes to their will
- Promising care in exchange for money or assets, but then neglecting to provide that care
- Preventing them from accessing their own money, financial records or financial advice
Warning signs of financial abuse may include:
- Unexplained loss of money or valuable items
- Sudden changes in banking habits or unexplained withdrawals
- Missing financial documents or confusion about recent transactions
- Inability to pay for basics like food, clothing, or medications
- Transfers of property or large gifts made when the person appears confused or unwell
- Fear, anxiety, or withdrawal, especially around certain people
- Visible neglect (e.g. malnutrition, poor hygiene) despite having financial resources
What can you do?
- Learn to recognise the signs of elder abuse
- Listen with empathy and without judgment if someone shares concerns
- Speak up if you suspect abuse, report it to the appropriate authority
- Support older people’s independence and decision-making wherever possible
- Promote respect and inclusion for older adults in your community
Concerned you might be a victim of financial abuse? Here’s some helpful tips:
- Keep your mail, bank cards, PINs, and passwords secure.
- Store cash, cheque books, and legal documents in a safe place.
- Review bank statements regularly for suspicious activity.
- Avoid signing anything you don’t fully understand.
- If setting up a power of attorney, consider appointing more than one trusted person.
- Limit the number of accounts to make monitoring easier.
Our impact
As a customer-owned bank, we are a member focused, values-driven organisation and we are committed to making banking easy, safe and accessible for all of our members – especially those most vulnerable. That’s why we are ready to help with tools and information on how to help keep you and your banking safe.
We’ve put together some helpful information in our Elder Financial Abuse Guide to help you protect yourself or someone you love from elder financial abuse. It covers the various types of elder financial abuse, how to recognise the warning signs and safeguard against financial abuse, scams and fraud, as well as the various resources and support services available to assist.
As part of the respect and protect initiative, our terms and conditions were updated to help prevent the misuse of products and services and combat financial abuse. Staff have also been further trained to help identify the warning signs, red flags and assess transaction data for signs of financial abuse. Additional member education and support has been introduced through content aligned to hardship, financial abuse, accessibility and navigating challenging life events.
We’re constantly working towards ensuring our products, services and platforms are for everyone. This includes a designed specifically for members 55 years or older, banking guides providing step-by-step instructions to help members navigate our online and digital banking channels, and the ability to contact us using the National Relay Service or Translating and Interpreter Service.
Get support
Form a support network that includes people like your GP, lawyer, accountant, a friend, and a family member.
- Your GP can assess your capacity to make decisions—raise concerns during check-ups.
- A lawyer can help with your will, legal documents, and power of attorney. Free legal advice is also available through Legal Aid or community legal centres.
- An accountant can note power of attorney arrangements and help watch for unusual account activity.
Need help?
If you are worried that you or your loved ones are vulnerable, seek help:
- Elder abuse phone line 1800 ELDERHelp (1800 353 374) directs callers to the elder abuse service in their state or territory.
- Relationships Australia publish a list of state and territory assistance services.
- Lifeline provides support 24 hours a day, 7 days a week for those in crisis.
- MoneySmart.gov.au publish a range of resources that can help you.
- The Australian Institute of Family Studies also publish a list of elder abuse support services.
- Be Connected provides online learning resources to empower all Australians to thrive in a digital world.
