Elderly warned of 'financial abuse'

The state's Public Trustee has warned people to be wary of the signs of elder financial abuse and to exercise care when giving authority to others to manage their financial affairs. Public Trustee CEO Peter Maloney said yesterday that financial abuse of Tasmanian elders, often by a family member, friend, carer and in rare cases a professional, could be difficult to identify. Financial abuse was defined as illegal or improper use of someone's assets - withholding funds failure to repay loans and using possessions without permission. Mr Maloney said elderly people often were unaware of the abuse or were fearful of speaking up in case it destroyed relationships. A recent Queensland study said 80 per cent of suspected financial abuse cases involved close family members.

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