The Aged Care Association says it's aware of about one claim of financial abuse of the elderly every week.
The Labour Party says if elected to power, it will introduce an Aged Care Commissioner to investigate claims of elderly abuse and neglect, which would include financial abuse.
It also wants pay parity for nurses and carers who work with the elderly.
Association chief executive Martin Taylor said financial elder abuse could take many forms and money was often taken by family members.
It often involved superannuation payments, credit cards and house sale proceeds, he said.