Children, who can only be described as greedy, are taking advantage of the finances of their elderly parents.

According to the Elderly Abuse Protection Unit, financial abuse is rising across Australia at an astonishing rate as the ageing population continues to grow.

In the EAPU's 2007-08 annual report more than $14 million had been reported stolen from elderly people that year, in Queensland alone. It estimated the total amount as closer to $97 million.

"It's not restricted to one socio-economic group, one culture or one religion, this type of financial manipulation everywhere in Australia and most of it goes unreported out of the victim's fear or naivety," says EAPU spokeperson Maya Zetlin.

She adds that lawyers, accountants, and friends victimize the elderly, but seniors are most easily scammed by their own children.

"Parents often find it difficult to say no to their children and it's easiest to be manipulated by people who know you well," Zetlin explained.

"It starts as psychological abuse and the person often becomes so intimidated and fearful that they became easy victims for financial manipulation."

In Victoria alone, State Trustees are looking into 60 probable cases of financial abuse of elderly people by someone close to them. Investigators believe that this is just the "tip of the iceberg."

Other data show that about one in 10 State Trustees clients under VCAT protection orders are victims of financial elder abuse, some of it resulting from financial mismanagement.

"I believe the real numbers are ... unreported," State Trustees manager Steve Cowell said.

One of these cases is that of a widow who lost her house courtesy of her son. The son urged her to sign in her house as collateral for his own business loan.

Law firms have received a multitude of calls for help, said the report.

"Most cases are perpetrated by close family members. As a result it is a very silent crime, and one kept very much in the confines of the family."

Senior Rights Victoria, "a primary, government-funded destination for older Victorians, their friends family members seeking information and support relating to elder abuse," revealed some disturbing information.

Thirty nine percent of 695 people that came to the organization in 2010-11 were seeking help over financial abuse.

Further data showed that sons were abusers in 29 per cent of cases, and daughters in 18 per cent of the cases.

Michael Clohesy, a solicitor of Slater & Gordon, explained that a formal theft occurred where an enduring power of attorney was used as a "licence to steal", and informal theft, where money was taken from stolen property or accounts.

"It's actually really common, but it does not get reported. The poor parents are so embarrassed about it," Solicitor Clohesy said.

"It's amazing what people do. They think mum and dad are old anyway, they don't need the money, there's $150,000 sitting in the account," he added.

He also stated that some cases were criminal. Most often, the only remedy was through civil litigation.

Cowell explained that these abusers felt entitled to the money and properties of their parents.

"There's that view that mum's and dad's funds are mine," Cowell said.

Sadly, Seniors Rights Victoria manager Jenny Blackey said the ageing population meant more financial abuse of parents.