New Zealand cost-of-living crisis drives surge in elder financial abuse
New Zealand charity Age Concern says the cost-of-living crisis has pushed elder financial abuse to record levels. Advocates say more elderly New Zealanders are being pressured into handing over money, bank cards and even their homes.
Karen Billings-Jensen, chief executive of Age Concern New Zealand, said reports of financial abuse against older people had jumped 40% in the past six months. Most cases involve children or close relatives, suggesting the cost-of-living crisis is intensifying intra-family financial pressure. Fresh training is being prepared for bank, insurance and healthcare staff.
The charity said the most common form of abuse is the seizure of bank cards to gain automatic access to pension payments. More serious cases involve forced property transfers and powers of attorney signed under coercion. Police confirm that recorded incidents of fraud and abuse have doubled in the past two years.
The government plans to draft new legislation in mid-year alongside industry and advocacy groups. The bill would recognise elder financial abuse as a stand-alone offence and require banks to flag suspicious transactions. Sector representatives say current social-services capacity is far short of what is needed to respond.
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