A recent survey of 410 Victorians aged from 65 to 100 years old, conducted by Monash University, revealed some interesting statistics. Of the group surveyed some 280 participants had executed a power of attorney. Of these, some 170 had appointed one or more children to look after their financial affairs. The others had appointed their spouse or other family members.
Only 5% of the survey group had elected to appoint a professional person to fulfil this role.
Interestingly the survey also revealed the perception, amongst those canvassed, that financial abuse of the elderly was not common in the community.
Clearly some work needs to be done to address this incorrect perception and to formulate strategies to protect the elderly from this common type of abuse.
For further information in relation to the survey go to http://www.statetrustees.com.au/ who originally commissioned the survey.