Living a parent's worst nightmare

Living a parent’s worst nightmare

Seniors most vulnerable to financial abuse by their own children

By RAGANANTHI VETHASALAMragaa@thestar.com.my

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 off their possessions.

Anjalai (name changed), 70, lost her modest two-bedroom home — her 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 ties with me. Thankfully, my sister’s family took me in and offered me shelter,” she shared. With no financial assistance from her son and her late husband’s pension insufficient to cover her expenses, Anjalai was 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.

“I am heartbroken. I wish my husband were alive to see this. He would never have left me alone,” she lamented.

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’ve seen friends move from denial to hatred since now, financially incapacitated. I live with her and do household chores and still help her children just to earn my keep,” he said.

Financial abuse

The financial support for elder abuse, surpassing psychological, physical, neglect, and sexual abuse, according to the Credit Counselling and Debt Management Agency (AKPK).

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 (48%) is the most common type of Elder Abuse and Neglect (EAN), followed by psychological abuse (34.6%), physical abuse (12%), neglect (1.1%), and sexual abuse (0.3%).”

Financial abuse frequently occurs alongside psychological abuse,” the 2023 report revealed.

The findings were highlighted worldwide, where financial and psychological abuse are the most widespread subtypes of elder abuse, according to the report.

The report said more than half (59%) of respondents who experienced EAN did also suffer financial abuse.

Alarmingly, it revealed older family members who admitted to 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 and psychological abuse, it said.

According to the report, numerous international studies link elder abuse to premature death.

For example, it said, the U.S. 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.