Granny flat arrangements are the most common cause of the financial abuse of older people according to Legal Aid NSW.
Senior solicitor at the Elder Abuse Service, Mary Lovelock, said the granny flat arrangement saw older people often giving significant sums of money to an adult child in return for the promise of care.
However, agreements - verbal or simply written - can be heavily weighed in favour of the child.
"We have had several clients come to us with this issue who are on the verge of homelessness. It can cause significant financial and mental stress for already vulnerable people," she said.
Ms Lovelock said she had also seen financial abuse involving money misappropriated under Powers of Attorney, unpaid loans, property fraudulently transferred and debts fraudulently created in the name of the older person - even money refunded by banks.
Perpetrators are most often family members like children or grandchildren.
The Elder Abuse Prevalence Study in 2021 found one in six older Australians reported experiencing abuse in the twelve months prior to being surveyed.
Know your rights
Ms Lovelock said it is essential seniors talk to a lawyer to understand their rights because elder abuse can sometimes be hard to identify - particularly when it's in the form of psychological abuse.
Legal Aid NSW is encouraging more seniors to contact the Elder Abuse Service for free legal help following a 20 per cent jump in self-referrals in 2021-22. The organisation has helped in the recovery of more than $1.9 million.
"We have helped hundreds of seniors recoup money and defend their rights. We are here to support you and everything you say to a solicitor is confidential under client-professional privilege," she said.
You can contact the service with any questions, referrals or to make an appointment by phoning 4324 5611
Elder abuse can be physical, financial, sexual, emotional or psychological and neglect.
- NSW Elder abuse helpline 1800-628-221