Age Discrimination Commissioner Kay Patterson gave the warning as she prepared to step down from the role after seven years, arguing Australia must create a national power-of-attorney register.
In an address to the National Press Club in Canberra on Wednesday, Dr Patterson said the doubling of the number of people aged 65 and over would coincide with the biggest transfer of intergenerational wealth in history.
"Worryingly, the current cost of living pressures has the potential to exacerbate the risk of elder abuse," she said.
"We all need to be vigilant against the likely increase in financial exploitation, particularly for families in the current and looming economic environment."
It's estimated $3.5 trillion in assets will pass from baby boomers to their children.
"We must pursue the biggest policy challenge that would have the most impact on the wicked problem that is elder abuse - nationally consistent, enduring powers-of-attorney across jurisdictions and a national enduring power-of-attorney register," Dr Patterson said.
The policy idea, developed with other advocacy organisations, has been on ice for more than 20 years.
"Harmonisation would make it easier for families to look after older family members in other jurisdictions, and for people to be educated about their rights and attorneys about their responsibilities," the former Liberal senator said.
Dr Patterson said it was "appalling" people were not aware they could revoke their power-of-attorney.
She said stable, affordable housing was "a key safety issue", with older women the fastest-growing group who were homeless or at risk of homelessness.
Data shows Australia will become the oldest it's ever been in the next 20 to 30 years and will have 40,000 centenarians 40 years from now.
Dr Patterson called on the media to be conscious of the way aged care issues and older people were framed in coverage.
She also highlighted issues with aged care providers making assumptions about health problems.
A 96-year-old friend in residential aged care was assumed to have age-related hearing loss.
But when an audiologist checked, the friend's hearing was found to be merely impacted by ear wax - an easily fixed issue.
"She was then able to listen to the television, make telephone calls - what a change," Dr Patterson said.
"That was ageism at its worst."
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