A friend, Adele, is dealing with debt. Not her debt, her mother’s. Her mum, Jackie, had been an independent, active, hard-working general practitioner. Adele assumed she was financially secure, as she owned her house. Adele respected her mum’s privacy and rarely had a conversation with her about her finances.
But Jackie started to make comments about bills and appeared stressed. Adele was shocked to discover that Jackie owed $250,000 and had a stack of unpaid bills. What’s more, Jackie didn’t understand how she got into debt.
It took Adele a while to find out where the money went.
Jackie’s bank accounts were a mess. Years ago, she had given one of Adele’s siblings $300,000 when his marriage broke down to help him buy a property. Although he promised to pay it back, he never did.
Jackie is a generous and social woman who likes to help. But she lives on her own and feels lonely.
Enter the mystery man
Jackie had mentioned a mystery man but was tight-lipped on details. Adele found credit card statements for men’s clothing and other expenses. Jackie had been handing over cash to him, too.
Jackie faced another hurdle that wasn’t apparent, even to her family: cognitive decline. This makes ageing parents particularly vulnerable to fraud as they can’t assess risks like they used to.
This story is from the October 2023 edition of Money Magazine Australia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the October 2023 edition of Money Magazine Australia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Is the public market shrinking?
Australia needs a healthy stock market to give companies access to funds and to allow retail investors to build wealth.
India: three steps to transformation
Massive investment and extensive reforms turbocharge the economy.
The ballet of business
Changing direction, products, models and marketing is a hard task for a business. We chart what it takes to turn a business around, plus profile four successful pivots.
Save money and the planet
Could the high cost of living give us the incentive we need to reduce how much water and energy we use or waste? These eco-friendly household tips will help you do just that.
AI adoption is the new black
Artificial intelligence is set to reshape the commercial world, and small enterprises can’t afford to miss the boat.
Spam attack! Murky laws jam our inboxes
Unwanted marketing material is one of the pain points of modern life.
From rags to riches in style
Rich Tran sported a bowl cut until he was 14 years old and had no intention of becoming a hairdresser.
New work deals are killing the 'old' office
The Covid pandemic and the subsequent lockdowns accelerated the trend to more people working from home. It was a mixed experience.
Points taken: the truth about rewards
Can hopping between credit cards really boost your frequent flyer haul and give you cheap or free travel - or is it doing more harm than good behind the scenes? Money puts it to the test.
Shortcuts to own a home
Innovative ideas with a focus on low costs and sustainability could help solve the housing crunch.