Money Talks Podcast: What is financial abuse and what are the signs?
Immediate family members are often the perpetrators of financial abuse. But there are many cases that often go unreported, says our guest on this week’s Money Talks.
.jpg?itok=i89PaXWx "Money Talks Podcast: What is financial abuse and what are the signs?")
Jump to these key moments:
- 00:27 Tiktok ban; Stock Market update
- 04:23 What is financial abuse?
- 08:47 Rise of reported cases in Singapore
- 16:26 When the perpetrator is a family member
- 18:56 What to do if you suspect there’s been financial abuse
Financial abuse of vulnerable adults has been on the rise in Singapore. What are the red flags and what kind of legal and non-legal action can be taken to mitigate the impact?
In this episode of Money Talks, Chong Yue-En, a lawyer and the Managing Director of Bethel Chambers LLC, gives us a breakdown of this complex issue.
Chong Yue-En on what financial abuse is:
(Financial abuse) is an illegal or improper use or mismanagement of a vulnerable person's money, property or resources without his or her knowledge or consent, and possibly under … undue influence or … pressure.
When the perpetrator is a family member:
Some (people) actually do know they're being financially abused, but it's just difficult. (Imagine) your favorite son. Unfortunately, he likes to drink a little bit too much, and he goes to your wallet and takes out $50 from it. That is financial abuse.
Source: CNA/jj
