SINGAPORE - Elder financial abuse thrives in the shadows, and among its strongest enabler is the veil of silence surrounding the problem.

The senior suffers in silence for years, often because the abuser is their own child. 

Some are physically hit for refusing monetary demands, while others find, to their horror, that their bank accounts have been emptied by their loved ones.

They may pass their ATM card to a family member to help them withdraw money, or they have a joint account with their child, who takes the money without the senior’s knowledge or consent.

In Singapore,

elder financial abuse remains a hidden, under-reported problem

The Republic’s rapidly ageing society also means that a growing pool of seniors are potentially vulnerable to being exploited if their mental capacity decline with age or illness.

Amid this grim reality, the banking sector is

developing new industry guidelines

But seniors must speak up.

Keeping mum will only normalise abuse and suggest that it is acceptable.

A wider societal effort will help to raise public awareness of elder financial abuse, and signal to seniors that help is available, even if they are hesitant to speak to their own family members.

Among abuse victims, such as spouses and chil...