Cost-of-Living Crisis Fuelling Rise in Elder Financial Abuse in New Zealand
New Zealand's Age Concern says the country's cost-of-living crisis is driving a rise in financial abuse of older adults, with most cases involving pressure from within their own families.
New Zealand's cost-of-living crisis is starting to leave its mark on older adults. Elder rights organisation Age Concern reports a noticeable rise in financial abuse cases over the past year. According to its data, the great majority of cases stem from pressure within the family.
Elderly New Zealanders are being pushed by their own children or grandchildren to use pension income for rent, bills or debt repayments. In some cases, the deeds to their homes are being transferred without consent. Age Concern says social service agencies and banks need to strengthen early-warning systems.
Following the Reserve Bank of New Zealand's rate hikes, housing costs and food prices have continued to climb. The government says it is discussing new legislation to protect older adults. Auckland-based social workers stress that bringing cases on record is critical to breaking the years-long cycle of silence around financial abuse.
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