Broke and betrayed: Why some seniors suffer in silence

An elderly woman was left penniless and homeless after she sold her house to live with her only son who promised to take care of her, but he disappeared after pocketing the sales proceeds.

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A woman in her 70s handed her ATM card to her son to help her withdraw money as she has mobility issues - only to find out that he took at least $20,000 to $30,000 from the account without her consent, leaving her with almost nothing.

Social workers and lawyers told The Sunday Times they have seen such cases of seniors financially abused by loved ones, and that elder financial abuse remains a hidden, under-reported problem.

A Ministry of Social and Family Development (MSF) spokeswoman told ST that it is currently studying the issue with its partners. Financial abuse remains a concern, especially among the elderly, she said.

Such cases include adult children forcing their parents to monetise their assets for the children’s benefit, and withdrawing money from their parents’ bank accounts without their knowledge.

In some cases, the perpetrator turned violent.

The MSF spokeswoman said that front-line professionals, such as banking staff, are guided to spot financial abuse when dealing with customers.

In certain circumstances, this can lead to civil claims for the victims, or even criminal liability for the perpetrators.

The Association of Banks in Singapore and the major banks are currently developing industry guidelines to better protect elderly clients from being abused financially by their loved ones.

Abusers are often the seniors’ children, though spouses, grandchildren, siblings and other relatives may also be the perpetrators, said social workers and lawyers.