SINGAPORE - A troubling trend is emerging as life expectancies increase around the globe: elderly individuals are increasingly becoming targets of financial abuse by people they trust, including family members, friends, and caregivers. A recent survey conducted by the Society for Trust and Estate Practitioners (STEP)—a prestigious global organization representing over 20,000 professionals in law, accounting, and trusteeship—reveals a disturbing pattern in the treatment of older adults.

As our population ages, the risk of mental capacity loss among the elderly grows, leading to a greater vulnerability to manipulation and exploitation. The STEP poll, which amassed responses from experts across more than 40 countries, highlights a critical issue that warrants immediate attention from families and caregivers alike.

Victims often face emotional and financial devastation, and the signs of such exploitation can be subtle. It may start with small requests for money or assistance, but can escalate into full-blown fraud, where elderly individuals are coerced into relinquishing their life savings. Experts warn that ignorance surrounding financial abuse can lead to tragic outcomes for many unsuspecting seniors.

Society must confront the uncomfortable reality that those closest to our elderly loved ones can sometimes pose the greatest threat. More than ever, it is vital for families to foster open communication and be vigilant about their elder relatives’ financial dealings. Financial literacy programs aimed at seniors and their families are being advocated by financial experts to equip them with the knowledge required to safeguard against potential exploitation.

Authorities and organizations are also encouraged to collaborate on better training for caregivers to recognize and report signs of financial abuse. Increased awareness and education could significantly reduce these heartbreaking incidents in which the elderly lose their hard-earned savings to betrayal by those they trust.

This revealing survey shines a light on a crisis that is often dismissed or hidden, urging society to take proactive steps in protecting our aging population from the perils of financial abuse. As the world continues to face an unprecedented aging demographic, we must prioritize their safety and dignity, ensuring that they can enjoy their later years free from fear and exploitation.