Australia is in the thick of a cost-of-living crisis that affects every generation in a different way.<\/p>\n
For baby boomers and those who are well into their golden years, many own a home or property and are receiving a government pension or are self-funded retirees. They may be travelling, downsizing or just starting their retirement.<\/p>\n
Generation X is now in mid-life and many are homeowners themselves with mortgages, teenage or younger children and ageing parents.<\/p>\n
And then we have the younger gens: Gen Z and Alpha who are facing incredibly high property prices, interest rates and salaries that often don\u2019t match. For this generation, home-ownership may indeed be a dream.<\/p>\n
At Advocare we advocate for older West Australians who may be experiencing abuse. Some of that is unfortunately financial abuse, and a trend we are seeing more of in 2025 is \u201cinheritance Impatience\u201d. This year we have seen a 20 per cent increase in elder abuse in WA.<\/p>\n
Inheritance Impatience is when adults feel entitled to their ageing relative\u2019s assets.<\/p>\n
And while it may be a new term, sadly financial abuse is not. For older people this often occurs when the abuser uses power and manipulation to control and withhold their money and assets for their own benefit. This often leads to the older person\u2019s finances being misappropriated and drained, leaving them helpless and powerless.<\/p>\n
The data on this abuse suggests that in up to 80 per cent of cases, the abuser is a close family member \u2014 most often a son or daughter.<\/p>\n
Baby boomers are living longer, healthier and more fulfilled lives \u2014 particularly those who have hung up the work boots and set sail for retirement. This generation is entering their golden years and cashing in on their long, hard-working careers to enjoy their lives to the fullest and spend their nest eggs. And why shouldn\u2019t they?<\/p>\n
But where there\u2019s a positive, there\u2019s also a negative.<\/p>\n
When adult children who have been waiting around to get their hands on Mum and Dad\u2019s wealth see their parents living very well, not showing any signs of slowing down and spending \u201ctheir inheritance\u201d, they start to become concerned there will be nothing left when they bid them farewell.<\/p>\n
Throw in a cost-of-living crisis where adult children and their families across WA are struggling to pay huge mortgages, school fees, household bills and groceries and you have a perfect breeding ground for impatience and animosity toward older people who seem to be \u201cliving it up\u201d.<\/p>\n
Family members become increasingly impatient, convince themselves that they\u2019re entitled to their inheritance and that they shouldn\u2019t have to wait, and the older person becomes a victim of financial abuse.<\/p>\n
In the past few years, the Advocare WA Elder Abuse Helpline has seen an increase the abusive behaviours of adult children towards older parents, such as:<\/p>\n
* Giving ultimatums to pressure money to be handed over.<\/p>\n
* Convincing their parents that gifting property to them is in their best interests.<\/p>\n
* Taking advantage of their parents\u2019 dependence on them to manage technology (such as internet banking or online shopping).<\/p>\n
* Gaslighting parents to convince them they\u2019re confused and require assistance to manage their money \u2014 thereby gaining access.<\/p>\n
This behaviour is unacceptable, and it\u2019s unbelievable that it can be targeted at vulnerable older people by those they trust the most.<\/p>\n
As a community, we need to check our bias and remember that every generation faces hardships and adversity at some point. There is no excuse for abusive behaviour towards older people \u2014 a group of people we should be cherishing, valuing and protecting.<\/p>\n
For older people who are at risk of financial abuse by a close family member, it\u2019s important to seek independent legal and financial advice. Familiarise yourself with enduring power of attorney arrangements and be confident in setting expectations of those who you appoint.<\/p>\n
Inheritance is not a right. It\u2019s a privilege and a wonderful gift if you\u2019re lucky enough to receive one.<\/p>\n
Speaking of luck, with a bit of that on our side, we\u2019ll all grow old one day and we deserve to be respected when we do.<\/p>\n
Advocare is WA seniors\u2019 peak body. If you, or someone you know, might be experiencing financial abuse \u2013 call Advocare\u2019s WA Elder Abuse Helpline on 1300 724 679 for a confidential chat.<\/p>\n
David Thompson is a specialist financial advocate at Advocare.<\/p>\n","protected":false},"excerpt":{"rendered":"Australia is in the thick of a cost-of-living crisis that affects every generation in a different way. For…\n","protected":false},"author":2,"featured_media":9503,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[64,63,99,8036,48,186,1625,44,184,185,10894],"class_list":{"0":"post-9502","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-au","9":"tag-australia","10":"tag-business","11":"tag-consumer-protection","12":"tag-crime","13":"tag-finance","14":"tag-lifestyle","15":"tag-news","16":"tag-personal-finance","17":"tag-personalfinance","18":"tag-your-money"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/9502","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=9502"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/9502\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/9503"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=9502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=9502"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=9502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}