Commonwealth Bank has committed up to $1 million to community-led projects tackling the financial abuse of older Australians through its Next Chapter Innovation program.
Up to five not-for-profits, social enterprises, and community-led organisations will receive either $100,000 or $200,000 to run a project over 12 months, along with executive mentoring and other non-financial support from the bank.
The bank cites the Australian Institute of Family Studies' National Elder Abuse Prevalence Study, published in 2021. It found that around one in six Australians aged 65 and over living in the community had experienced some form of elder abuse, with financial abuse the third most commonly reported type.
Adult children were the largest group of perpetrators, responsible for one in three cases of financial abuse. Only about three in 10 people who experienced financial abuse sought help or advice.
The harm can take many forms, from pressure to hand over or lend money to the misuse of a power of attorney or financial decisions made without consent. It often builds slowly, and can be hard to separate from family loyalties and questions about an older person's consent or capacity.
"Financial abuse of older people can have consequences that reach far beyond the money or assets involved," said Angela MacMillan (pictured), CommBank group customer advocate.
For mortgage brokers, that complexity can surface when older clients are asked to guarantee a loan, help first-home buyers in the family with a deposit, or draw on home equity. In these situations, pressure from a trusted relative may not be obvious.
Powers of attorney are a particular pressure point. In a July address to the Australian Elder Abuse Conference, CommBank head of customer vulnerability Caroline Wall said 52% of Australians aged 65 and over living in the community had granted someone an enduring power of attorney. Such arrangements are designed to protect people, but they can also give another person the authority to act on their behalf.
"It is in that space, between protection and control, that risk can sit," Wall said.
Previous rounds since 2023 have backed work on technology-facilitated abuse, dowry abuse, and financial abuse in small business and First Nations communities. An independent evaluation of the first cohort found that partner organisations engaged nearly 600 clients and service users.
This year's projects may target misuse of legal authority, digital exclusion, and technology-enabled abuse. CommBank is also running a free Protecting Your Money in Retirement seminar for older people.
Applications for funding opened on 1 October and close at 11.59pm AEDT on 2 November.
Eligible organisations can find the application form and program guidelines on CommBank's Next Chapter Innovation applications page.
Anyone concerned about elder abuse can call 1800ELDERHelp on 1800 353 374.
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