World Elder Abuse Awareness Day (WEAAD) is marked on 15 June. This is a day dedicated to highlighting the often overlooked issue of elder abuse.

This global observance aims to raise awareness and encourage action to protect our elderly population from abuse, neglect, and exploitation. As a bank with a significant number of older customers, Heartland takes this issue seriously and is committed to ensuring the safety and wellbeing of all customers.

 

Understanding elder abuse

Elder abuse has been defined by the World Health Organization as ‘a single, or repeated act, or lack of appropriate action, occurring within any relationship where there is an expectation of trust which causes harm or distress to an older person’.

Elder abuse can take many forms. According to Seniors Rights Victoria (SRV) it can include physical, emotional, financial, psychological, sexual, social and neglect. It can affect people of all genders and all walks of life. The abuse, however, disproportionately affects women. Two-thirds of people seeking help from SRV are women.

SRV also state that culturally and linguistically diverse communities, Aboriginal and Torres Strait Islander communities and LGBTQI+ communities are additionally vulnerable, as are older people living in rural and regional communities.

In their most recent study of elder abuse prevalence in Australia, SRV found that 14.8% of those 65 years and over had experienced at least one recognised form of elder abuse over the previous 12 months. This suggests that 160,000 older Victorians are experiencing elder abuse each year to a level they are willing to identify to researchers.

The incidence of abuse towards older people is also predicted to increase as many countries experience rapidly ageing populations, of which Victoria is not immune as our community ages.

By 2046, the number of Victorians aged 60 years and over is expected to increase by around 60 per cent to more than 2.3 million people. This means that approximately 25 per cent of the population will be 60 years of age or older.

 

Financial abuse

Financial abuse is particularly relevant to the banking sector, as older individuals may be targeted for their savings and assets. This abuse could manifest through unauthorised transactions, coercion, and manipulation by family members, caregivers or strangers.

 

Heartland’s commitment to reducing elder abuse

We are committed to doing the right thing by our customers and recognise the critical role we play in protecting our customers from elder abuse. This is why Heartland is 100% commitment to the Banking and Financial Services Oath, and we have extensive processes and procedures in place to detect and reduce the risk of financial elder abuse.

For more information on elder abuse and resources available, please visit Seniors Rights Victoria, an organisation dedicated to upholding the rights and dignity of older people.

 

Seek help

If you suspect you or someone you know is experiencing elder abuse, call the Seniors Rights Victoria helpline on 1300 368 821.

For nationwide assistance and to access additional resources in 20 different languages, call the Australian Human Rights Commission on 1800 ELDERHelp (1800 353 374).

For more information you can visit the Human Rights Commission website.
Alternatively, if you require crisis or emotional support you can also call Lifeline’s 24-hour support line on 13 11 14.

Heartland is here to help. If you have a loan with us, and suspect you may be victim to elder abuse, or would like to speak to one of our team, please call 1300 889 338 or you can email [email protected]. We are here to help you.

 

This information is accurate as at 15 June 2024 and may change.