Breaking the Silence on Elder Financial Abuse
Elder financial abuse thrives in the shadows, and in Singapore, the strongest enabler is the silence surrounding the problem. The senior sufferer is often exploited by someone they trust—typically a family member—leading to long years of fear, loss, and betrayal. From drained bank accounts to coercive requests for cash, the patterns are varied, but the impact is consistently devastating. As Singapore’s population ages rapidly, the potential pool of vulnerable seniors grows, making the need for awareness, prevention, and intervention more urgent than ever.
Why Silence Perpetuates Abuse
Silence allows financial abuse to persist and even escalate. Care Corner Singapore notes that some seniors normalize the abuse as a coping mechanism, while others fear retaliation or shame within the family. When a child or relative realises that coercive demands yield results, abuse can intensify, and victims can feel there is little recourse. Experts warn that staying quiet not only harms the victim but also deprives society of the chance to intervene early and prevent further harm.
How the Banking Sector Is Responding
Singapore’s banks are stepping up with new industry guidelines to better protect elderly clients from being financially abused by loved ones. Training and awareness programs aim to spot signs of vulnerability—cognitive decline, undue influence, or pressure from family members—and to respond with appropriate safeguards. May 2024 saw banks like UOB invest in staff training to recognize and support customers at risk, while DBS/POSB and OCBC have extended similar protective measures across branches. The collaboration between financial institutions and social services is essential to intercept abuse at the financial front before it leads to irreversible loss.
Legal Tools and Safeguards
Clear legal definitions help victims and professionals alike. The Professional Deputies and Donees scheme offers a path for individuals who cannot manage their own affairs due to declining mental capacity. A Lasting Power of Attorney (LPA) formalizes decisions when capacity is intact, enabling trusted individuals to manage finances on behalf of the elder. For those without willing or suitable family members, professional deputies can be appointed through legal mechanisms to ensure safeguards are in place. If no LPA exists, courts can appoint a deputy to oversee finances, underscoring the importance of planning ahead.
Changing Minds: Public Education and Community Intervention
A fundamental shift in mindset is required. Many seniors were raised to endure hardship, with abuse viewed as normal. Public education can reframe the narrative: seeking help is a step that can protect both senior and family member by addressing root causes and connecting families to professional support. Community-level interventions are crucial. Programs like Touch Community Services train residents to identify vulnerable neighbors, offer companionship, and facilitate referrals to help services. Neighbours, friends, and relatives can be the first line of defense when a senior hesitates to approach authorities.
Towards a Safer Future for Seniors
Since 2020, the Ministry of Social and Family Development has trained over 11,000 individuals across sectors to detect and report family violence, expanding the safety net beyond social workers to frontline professionals in education and retail. In the financial sector, banks’ vigilance is a cornerstone of protection: staff who understand indicators of cognitive decline or coercion can pause, verify, and intervene. The combined effect of legal frameworks, bank safeguards, and community involvement holds the promise of reducing elder financial abuse and empowering seniors to speak up without fear.
Call to Action
Breaking the silence is a shared responsibility. Seniors should be encouraged to discuss concerns with trusted individuals and to seek legal or professional advice for future planning. Families and communities must learn the signs of abuse and respond with empathy and timely intervention. If you or a loved one is at risk, reach out to local social services, healthcare providers, or your bank to explore protective measures and resources that can help restore dignity and financial security in the later years.
