Commonwealth Bank is inviting community organisations with expertise in supporting older people and responding to financial abuse to develop and test new approaches to the issue, with up to $1 million in funding available through the 2026 Next Chapter Innovation program.
Angela MacMillan, CommBank Group Customer Advocate, said: "Financial abuse of older people can have consequences that reach far beyond the money or assets involved. It can undermine an older person’s independence and sense of security, erode their confidence and leave them with less control over decisions about their own life and future. That's why this year's Next Chapter Innovation program is so important."
The harm can also be difficult to recognise or speak about when the person responsible is someone an older person loves, relies on or trusts. National research found adult children were the largest perpetrators of financial abuse of older people, accounting for one in three cases, while only around three in 10 people who experienced this abuse sought help or advice.¹
Financial abuse can take many forms. It may involve pressure to give or lend money, possessions being taken without permission, misuse of power of attorney or financial decisions being made without consent. It can develop gradually and involve complex issues regarding family relationships, consent and capacity.
The broader challenge of elder abuse is significant. Around one in six Australians aged 65 and over living in the community have experienced some form of elder abuse, according to the Australian Institute of Family Studies. Financial abuse was the third most reported form of elder abuse.¹
The Next Chapter Innovation program will provide up to five not-for-profit organisations, social enterprises and community-led organisations with $100,000 or $200,000 to deliver projects over 12 months, alongside executive mentoring and other non-financial support from CommBank.
MacMillan said addressing financial abuse requires the experience and expertise of organisations that understand the realities facing older people.
"For many older people, financial independence represents a lifetime of work and the freedom to make their own choices. When someone takes advantage of that, particularly someone they love or trust, the impact can reach far beyond their bank balance.
“Community organisations working with older people understand the complexity of this issue and the barriers people can face in recognising abuse and getting support. We want to invest in that expertise and work alongside these organisations to develop and test new ideas that could make a meaningful difference. Next Chapter Innovation is about bringing together community expertise, new thinking and the Bank’s support to find practical ways to help prevent financial abuse, identify it earlier and strengthen support for older people.”