The risk of being ‘financially abused’ by relatives in old age

Quick Summary:

As the population ages, cases involving elderly people losing their money to undeserving relatives or even friends are likely to go up.

The Society for Trust and Estate Practitioners (Step) – a global body with more than 20,000 members comprising lawyers, accountants, trustees and other practitioners – did a poll on the loss of mental capacity in 2023 and received inputs from its members from over 40 countries.

Cases involving elderly people being conned out of their life savings by relatives, friends and caregivers are likely to increase as more people live longer around the world, a survey has found.

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Article Details

Author / Journalist: Tan Ooi Boon

Category: EconomyBusiness

Markets: Singapore

Topics: Elderly Involving Relatives People Practitioners Likely Media Friends Cases Members Limited

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-21 @ 05:00:00 (1 days ago)

News Timezone: GMT +8:00

News Source URL: straitstimes.com

Language: English

Article Length: 134 words

Reading Time: 1 minutes read

Sentences: 6 lines

Sentence Length: 23 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Straits Times

News ID: 24571819

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