Suffering financial abuse.

It’s important to remember that no circumstances of financial abuse are acceptable.

Financial abuse occurs when someone manipulates financial decision-making, or misuses or controls money, financial resources, property or assets without knowledge or consent.

A financial abuser can be hardly known or well known to someone; family members, friends, acquaintances or strangers. They may also be professionals or caregivers.

There can be many different reasons why financial abuse starts. For example:

• a person may feel a sense of entitlement to someone's money
• it may be a gradual change, where someone initially managing someone’s money responsibly begins to take advantage opportunistically.

To help protect yourself from financial abuse

• if someone asks for money, discuss it first with a trusted family member or friend. Summarise the arrangement in a letter or email and set up a repayment plan
• keep on top of payments. Talk to Westpac about setting up automatic payments and direct debits. Consider who has third party authorisations and ensure that they are trusted
• consider planning for the future. Carefully choose and set up a trustworthy person to act as a representative with power of attorney
• never rush into a financial decision. Ask for details in writing and get a second opinion or independent advice
• open your own mail if possible
• never sign a document or make a large financial decision unless the terms and obligations are understood. If in doubt, seek independent legal advice.

For concerns around our mature New Zealanders, please read elder financial abuse.