Financial red flags to watch for in ageing parents
Written and accurate as at: Jul 13, 2026 Current Stats & Facts
Watching your parents grow older can be difficult. Alongside a decline in their health or mobility, you might start noticing subtle shifts in the way they manage their finances.
Bills might start falling by the wayside, spending habits could change unexpectedly, and they might become more confused or secretive about money in general. Of course, mistakes happen, and everyone – regardless of age – experiences the odd lapse from time to time. But if there’s a pattern of unusual behaviour it might be worth paying closer attention.
Changes might be caused by cognitive decline, changing health needs, loneliness, and even grief. Whatever the reason, spotting the warning signs early can protect your parent’s wellbeing and prevent financial problems from getting out of hand.
Unusual charges
One of the earliest signs that something isn't quite right is unfamiliar transactions on bank or credit card statements. These transactions might be totally innocent, but sometimes they can point to scam activity, identity theft or worsening cognitive health.
It's also worth looking out for sudden changes in your parent’s spending habits. Someone who has always been careful with money might begin making impulsive purchases, giving away large sums of money or withdrawing unusually large amounts of cash.
Rather than accusing your parent of making poor decisions, offer to review their accounts together. A second set of eyes can often identify transactions that deserve a closer look and help catch problems before they become costly.
Unpaid bills or mail piling up
Another common financial red flag is a growing pile of unpaid bills or unopened mail. This could be for a number of reasons: maybe your parent can't afford to pay them, or maybe they simply feel overwhelmed by the volume of paperwork or struggle to keep track of everything.
Left unchecked, however, this could result in late fees, cancelled insurance policies and essential services like gas or electricity being disconnected.
If you notice paperwork starting to accumulate around your parent’s house, think about ways you might be able to ease some of the burden for them. Setting up direct debits and organising important documents into clearly labelled folders can make managing their financial affairs much easier.
Too trusting online
Older Australians can be prime targets for scammers, given the savings and assets they’ve accumulated. Add to that the fact they might be more willing to engage with unexpected phone calls or messages and you have to be extra vigilant.
Warning signs can include sending funds to unfamiliar people, becoming secretive about new relationships, or a sudden interest in purchasing gift cards or cryptocurrency (both preferred methods of payment for scammers).
Broaching the subject with a parent can be difficult, but try to frame the conversation around the fact that scammers can be extremely convincing, anyone can be targeted, and many of the most common scams don’t necessarily involve ‘hacking’ – rather they rely on exploiting, fear and trust.
For your benefit and your parent’s, some of the more common scams include:
- Text messages claiming to be from a bank or delivery company
- Phone calls from someone pretending to be a government agency or tech support
- Fake investment opportunities promising high returns
- Messages from someone posing as a family member in urgent need of money
- Romance scams in which the romantic interest always delays meeting in person and requests money for things like travel or medical bills.
Remind your parent to pause before acting, independently verify who they're dealing with by contacting the organisation using official contact details, and never feel pressured into making an immediate decision. A few short minutes, even if it’s a quick call to you to get a sense check, can prevent a costly mistake.
Sudden changes to will, Power of Attorney or property titles
A new will, changes to an Enduring Power of Attorney or changes to property ownership can be entirely legitimate. But if your parent wants to make changes that significantly benefit a recently introduced friend or neighbour, that might be a sign of undue influence or financial abuse. That goes doubly so if your parent seems confused or reluctant to discuss these decisions with you.
If you suspect something is amiss, don't feel like you have to navigate the situation alone. You can seek confidential independent advice from services such as:
- 1800RESPECT, which provides information and support for people affected by financial abuse
- 1800 ELDERHelp, which connects callers with elder abuse services in their state or territory.
Depending on the circumstances, it might also be worth seeking advice from an independent solicitor or financial adviser. They can help ensure your parent's wishes are properly understood and that they're making decisions free from pressure or coercion.