Financial abuse of older people is likely to be a much bigger problem than people realise, Grey Power Otago president Jo Millar says.
Grey Power and the New Zealand Aged Care Association have joined forces to press the Government to appoint an aged-care commissioner with powers to investigate financial abuse cases, and if needed, take cases to court.
In a statement, Grey Power national president Roy Reid said there was no one agency responsible for looking into financial abuse, or with the power to resolve cases.
Mrs Millar said older people gave power of attorney to those they most trusted, and were often reluctant to report subsequent abuse.
''I wonder sometimes whether we know just how bad it is.''
She would like to see changes to enduring power of attorney, to stipulate the involvement of more people in financial decision-making.
''If there's going to be a family member doing it, there should be a second person who's outside the family.''
Age Concern Otago elder abuse and neglect prevention social worker Marie Bennett said financial abuse was ''huge'', accounting for half of the elder abuse cases she dealt with.
At a national level, the organisation was waiting to see if new loan-to-value rules stipulating a 20% deposit increased pressure on elderly parents to finance mortgage deposits, she said.
Partly because of pressure on the housing market, more adult children were moving in with parents. While this could be positive, clear financial boundaries were needed to ensure each party knew their responsibility.
''It could be a good thing [generations living together]. But before it happens everybody's expectations need to be very clear about who's paying for what.''
New Zealand Aged Care Association chief executive Martin Taylor, in a statement, said the industry was keen to work with Grey Power to address the problem.
''With sad regularity my members come to me with situations where they know their residents are being financially abused by the person who holds the enduring powers of attorney.''
