Julia Cook & Peta Cook – University of Newcastle, Australia
In this article, we have demonstrated that the legal and social context of intergenerational financial assistance carries with it ageist attitudes and beliefs that exacerbate the risk of financial elder abuse. This is a crucial area for further research and greater public attention, as such transfers are expected to increase in coming years (Productivity Commission, 2021), while at the same time, elder abuse is likely to increase as the population ages in Australia and internationally.
Previous research has shown that elder abuse typically arises in the context of relationships, most often between parents and adult children. However, as we have shown in this article, the risk of financial elder abuse also arises and is exacerbated, by financial pressures brought about by the asset economy in which housing is increasingly out of the financial reach of many and has come to be viewed as a financial asset rather than a dwelling. We therefore argue that the risk of elder abuse is, in large part, a product of political and economic decisions and, more specifically, the policy settings that have shaped the current housing crisis in Australia. Additionally, as we have shown at the beginning of the article, generational narratives such as those of “wealthy baby boomers” have the potential to combine with ageist assumptions in a way that can heighten the risk of elder abuse. We therefore argue that it is necessary to address intra- and intergenerational inequality as a key part of strategies to address discrimination and abuse.
Drawing on the findings of both our policy analysis and analysis of interview data, we also argue that the banking and legal systems are, at present, not able to adequate prevent or address financial elder abuse in the context of family financial assistance with home ownership, especially when they are considered alongside the typical ways in which such arrangements play out in practice. In making these arguments, we do not seek to infantilise older adults by suggesting that they need “protection” or to demonise young adults as uncaring or prone to being abusive. Rather, we seek to bring attention to potential adverse outcomes from intergenerational financial transfers, particularly when it is advocated to be “the right thing to do” or that the interests of younger generations are more important than the interests and needs of older generations.
We do not claim that intergenerational financial assistance is inherently exploitative or a process of victimisation. We instead argue that financial elder abuse is not simply an individual or family issue, showing instead that it reflects social attitudes and structural problems in the asset economy. In the light of these findings, it is necessary to move away from presuming that younger generations will receive or inherit what older adults own, and indeed from the assumption that all older adults are wealthy or financially secure, and to instead understand housing insecurity and affordability-related challenges as affecting individuals across the life course. The pathway to doing so lies with tackling the current housing crisis, examining the assumptions embedded in relevant banking and legal practices and challenging the widespread ageist assumptions that lay the groundwork for financial elder abuse to take place.
Read the full study here.
Author Biographies
- Dr Julia Cook is a senior lecturer of sociology at the University of Newcastle, Australia. Her most recent research addresses the role of family financial assistance in young adults’ pathways into home ownership and young adults’ navigation of credit, debt and financial assistance. She is a current ARC DECRA Fellow (2022–2025), a chief investigator on the current phase of the Life Patterns longitudinal research program (2021–2026) and co-editor-in-chief of Journal of Applied Youth Studies.
- Dr Peta S. Cook is a senior lecturer of sociology at the University of Tasmania. She is a sociologist of ageing, medical science and technology, health and illness, and disability. Peta’s current research is primarily focussed on topics such as ageism, elder abuse, age-friendly societies and ableism/disablism. Peta has received the University of Tasmania Vice Chancellor’s Award for Outstanding Community Engagement (2018) and the Australian Sociological Association’s (TASA) Sociology in Action Award (2020).
On Research 