Page 2 - June Newsletter

The Seniors Money Trap

Every year, thousands of older Kiwis lose money to fraudsters, friends, and

even trusted relatives. Hanny Naus, of Age Concern NZ, explains what’s

happening.

Elder abuse is often hidden in our communities and can be complex. Its effects

range from physical abuse and neglect, to psychological abuse.

All forms of abuse are devasting - but, sadly, one of the most common is

financial abuse.

Financial elder abuse is people using the money, property or personal

resources of an older person improperly, illegally or without authority.

It might be one of their children sneaking money out of their bank account, or

using their bank card without their knowing or agreeing. Or it could be when

someone prevents an older person from using their own money or assets the

way they want to.

“Friends” and family might be manipulating or threatening older people to

force them to pay money, give away assets, lend money, or sign them up as a

guarantor for a loan that’s never repaid.

Family members might move in with older parents or grandparents, and use up

power and water, food and alcohol, but not pay anything towards the costs.

Effects can be devasting

Anyone can be tricked into giving away money, but for older adults, the

consequences of financial abuse can be devasting.

They no longer work, they’re on fixed incomes, and they have no way of

replacing the money or possessions that have been taken from them.

At Age Concern, we regularly see the devasting effects of financial elder abuse.

We talk to older adults deprived of their homes, life savings, security,

independence, and lifestyle.