One in 10 older Australians are effected by elder abuse.
A PROGRAM has been launched to help protect older Australians from financial abuse.
As many as 10 per cent of older Australians are estimated to be affected by elder abuse, with financial abuse the most common form.
The Commonwealth Bank has announced the launch of the Safe and Savvy awareness program to help older Australians protect themselves from financial abuse.
More than $3 billion is lost to scams and fraud each year, with CBA data indicating that 76 percent of those affected by scam activity are aged over 50. It is likely more Australians will fall victim to financial abuse in the future, with those aged over 65 set to account for 25 percent of the population by 2050.
Age Discrimination Commissioner, Dr Kay Patterson, who advised the bank on the development of the guide, said she hoped the initiative would lead to greater awareness of the issue.
"Certain groups are more susceptible to falling victim to elder abuse, particularly those who are socially isolated and reliant on others for care, and CBA's launch of this program is a step in the right direction," Dr Patterson said.
Commonwealth Bank Customer Advocate Brendan French said training would be rolled out in nearly 1,000 branches nationwide and he encouraged customers to visit their branch to learn how they could protect themselves. The guide is available for customers online and will be in branches from July.