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Sadly, instances of elder financial abuse are increasing and are predicted to escalate as our population ages. You may not be familiar with the crime of elder financial abuse, which is defined by Relationships Australia as: “The illegal, mismanagement or improper use of the older person’s finances. This includes stealing money or possessions, controlling their finances without permission, threats or coercion to gain power of attorney or pressuring them for early inheritances.” This crime is usually committed by a person or people who are trusted by the older person and it can take place over a considerable period. Anyone can be targeted, but those over the age of 50 are most at risk. Warning signs of elder financial abuse include: You have not been receiving your usual mail, including your bank statements, but you have not cancelled the service. You feel that you have to request permission from another person to spend your own money. Someone is pressuring you to sign a power of attorney granting control of your bank account to them, or someone else. Someone is very interested in your Will and is perhaps forcing you to change it. If you have appointed someone as your power of attorney, you feel that they are not acting in your best interests, i.e. they are using your money for their own interests. Someone else has control of your bank account/s – your access card/PIN/credit cards – without your consent. Your signature has been forged on cheques or legal documents. Unexplained transfers, withdrawals or payments have appeared on your account statements; be particularly suspicious of large amounts. You have become aware of new investments, debts or loans in your name or are being pressured to take out such investments, debts or loans in your name. Your bills have not been paid, despite requesting someone to arrange this for you. Someone is arranging to sell or is threatening to sell your property without your permission. You are experiencing threatening behaviour, such as someone threatening to isolate you from your family and friends if you do not comply with their wishes. Someone is making you feel guilty if you do not give them money. You are feeling intimidated, possibly involving verbal abuse, cajoling, anger or threats. You no longer feel in control of your finances. If you feel that you or your loved ones are at risk, get support Build strong relationships with people who can help you or your loved ones. Ideally, create your support team from a mix of contacts, for example, your GP, your accountant, a friend and a family member. Need help? If you are worried that you or your loved ones are vulnerable, seek help: Relationships Australia publish a list of state and territory assistance services, such as the NSW Elder Abuse Hotline 1800 628 221. Lifeline provides support 24 hours a day, 7 days a week for those in crisis. moneysmartgov.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. At Unity Bank, our team has been trained to help identify the warning signs of financial abuse. Our members can contact us on 1300 36 2000 (8.00am – 7.00pm weekdays) to discuss any concerns with their account. We’re ready to help you. You may find the article What is elder financial abuse? of interest.

Elder financial abuse is increasing, and instances of this crime are predicted to rise as our population ages. Those over the age of 50 are most at risk but it can happen to anyone – including you. Relationships Australia define elder financial abuse as:“The illegal, mismanagement or improper use of the older person’s finances. This includes stealing money or possessions, controlling their finances without permission, threats or coercion to gain power of attorney or pressuring them for early inheritances.” This crime is not committed by a stranger, but by a person or people who are trusted by the older person. As such, instances of elder financial abuse can be difficult to talk about and are often unreported because victims are too frail or ashamed to report the fraud. This type of abuse manifests in many ways and can take place over an extended time period. Why does elder financial abuse occur? Isolation and dependence on others: older people can become isolated and dependent on those they trust: family members, neighbours or carers, which makes them especially vulnerable. Others at high risk include those who have a physical or mental disability or a limited understanding of financial matters, perhaps due to language skills or cultural attitudes. Sadly, anyone who is reliant on others is at risk of financial abuse. Inheritance impatience: this is the biggest cause of elder financial abuse and refers to family members pre-empting their inheritance to purchase goods using their elderly relative’s funds. Instances of this wrongful sense of entitlement are increasing, which has prompted a banking industry push for new legislation. According to the Australian Banking Association, six out of ten Australians have concerns that someone they know will become a victim of elder financial abuse. How to protect yourself  Make sure you have access to your own mail and do not leave any mail lying around unopened. Keep your account access, i.e. access card/s and PIN/s, secure. Do not write PINs or passwords down or store them in your wallet or around the house. Do not keep large amounts of cash at home. Ensure that your cheque books and legal documents, such as your Will and property deeds, are stored securely. Consolidate your accounts where possible so that it’s easier to spot any unusual activity. Review your bank statements regularly to make sure there are no unauthorised transactions. If you are considering a power of attorney, think about nominating more than one person and decide whether they will act separately or together. Do not sign any documents unless you fully understand them. Get support It is important to build strong relationships with people who can help you or your loved ones. Ideally, form your support team from a mix of contacts. For example, your GP, your accountant or financial adviser, a friend and a family member.   Need help? If you are worried that you or your loved ones are vulnerable, seek help: Relationships Australia publish a list of state and territory assistance services, such as the NSW Elder Abuse Hotline 1800 628 221. Lifeline provides support 24 hours a day, 7 days a week for those in crisis. moneysmartgov.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. At Unity Bank, our team has been trained to help identify the warning signs of financial abuse. Our members can contact us on 1300 36 2000 (8.00am – 7.00pm weekdays) to discuss any concerns with their account. We’re ready to help you.

  Creating an emergency fund may seem daunting for some. A lot of people may think you need to put away hundreds of dollars each week, which is delaying them from starting one. It doesn't matter how much you are putting in this account as long as you have begun.   Figure out what you can spare each pay Crunching the numbers and working out how much you can allocate for your emergency fund will help you understand how you are spending your money. For example, James figured out that he could spare $50 from his weekly pay for his emergency fund. He worked out that if he puts aside $50 each week for one year, he could save approximately $2,600.   Starting a separate savings account for your emergency fund By opening a second account, you can keep this money separate from your everyday expenses and preventing yourself from spending it.   Set up auto transfer on payday  By setting up a regular auto transfer, you won't have to worry about manually transferring the money into your emergency fund savings account on each payday.    Make extra contributions when you can If you happen to receive extra money during the year, like a pay rise or tax return, consider using some of those funds to boost your emergency fund.  We hope these tips help you in starting your emergency fund or improving it. For more information, please visit https://moneysmart.gov.au  Source:https://moneysmart.gov.au/saving/save-for-an-emergency-fund

2019 was another highly successful year for Unity Bank. Review our financial summary and see how our Member-first approach has made all the difference. Read now