PETALING JAYA: It is a story of shattered trust and profound despair for many elderly individuals whose children, the very people expected to support them in their twilight years, end up deceitfully stripping them of their possessions.
Anjalai (name changed), 70, lost her modest two-bedroom home, a sanctuary bequeathed to her by her late husband, due to a single signature on a document her son asked her to sign.
“My son told me the papers were related to my husband’s pension. Because I am not highly literate, I did not understand the contents. I trusted him and signed,” she recounted in Tamil.
“A month later, he informed me that he had sold the house and I had to leave. In an instant, I became homeless and he refused to let me live with him,” she said, her voice breaking into sobs.
“He also stopped providing financial support and cut all ties with me. Thankfully, my sister’s family took me in and offered me shelter.”
With no financial assistance from her son and her late husband’s pension insufficient to cover her expenses, Anjalai has resorted to odd jobs like dishwashing to support herself and contribute towards her sister’s household for the shelter and the food they are providing.
Pak Ali, 75, faced a similar ordeal.
His daughter, who managed his bank account as he aged, drained his life savings without his knowledge until only RM200 remained.
“I even refinanced my home to pay for her studies. Now, financially incapacitated, I live with her and do household chores and babysit her children just to earn my keep,” he said.
Financial abuse is the most prevalent form of elder abuse, surpassing psychological, physical, neglect, and sexual abuse, according to the Credit Counselling and Debt Management Agency.
Many victims suffer in silence, reluctant to confide in others.
The most common financial abuses include theft of money, property, or documents; coercing or deceiving elders into handing over assets; and ceasing contributions to household expenses.
“Our study found that financial abuse (4.8%) is the most common type of Elder Abuse and Neglect (EAN), followed by psychological abuse (3.4%), physical abuse (1.2%), neglect (1.1%), and sexual abuse (0.3%).
“Financial abuse frequently occurs alongside psychological abuse,” the 2023 report revealed.
This aligns with findings worldwide, where financial and psychological abuse are the most widespread subtypes of elder abuse, it added.
The report said more than half (59%) of respondents who experienced elder abuse also endured financial abuse.
Alarmingly, it revealed mortality rates among victims of financial abuse are higher compared to non-victims.
Over a six-year follow-up, more than a quarter (27.1%) of respondents passed away, with deaths disproportionately higher among those who suffered financial or combined financial and psychological abuse, it said.
According to the report, numerous international studies link elder abuse to premature death.
For example, it said, the US National Council on Ageing reported that elder abuse victims have a 300% greater risk of death compared to non-victims.
Although elder financial abuse is a global issue, it said, awareness remained limited. Many only recognise its fatal consequences as a cautionary tale amidst the backdrop of an ageing population, the report noted.
