Netizen contemplates managing father’s finances after multiple scams
A Redditor has shared a troubling situation involving their elderly father, who has made some poor financial decisions including falling victim to multiple scams.
The latest scam even resulted in the loss of almost all his savings.
Father fell victim to multiple scams
In a post on r/askSingapore on 13 Sept, the original poster (OP) revealed that their father was most recently tricked into parting with a “high four-figure sum”.
However, this was not the first time.
The man had previously been misled into dubious credit card sign-ups and borrowing schemes that required “deposits”.
Dad getting scammed multiple times
byu/Kedeweth inaskSingapore
The Redditor also shared an instance where a temple staff member, who had bought a lottery ticket for their father, demanded a commission before handing over his Toto winnings.
These repeated incidents have left the OP frustrated and worried.
They shared that their dad, who is still working and earning about S$2,000 a month, continues to smoke and spend on Toto and 4D.
Source: Wikipedia for illustration purposes only
Faced with this, the Redditor is now considering taking over his finances entirely, including controlling his access to money.
“It isn’t out of line to micromanage right?” they asked, seeking advice from netizens.
Netizens empathise with OP and offer advice
The post sparked empathetic responses from netizens, many of whom shared their own experiences.
One commentor urged the OP to do what is necessary to prevent a “potential financial disaster” in the future.
Source: Reddit
They shared a similar experience with their father, who allegedly still buys Toto regularly despite having less than S$2,000 to his name.
“We can’t stop him from going but it’s better for him to risk a small token sum than six figures,” wrote the Redditor.
Another netizen agreed, saying that it is “better to micromanage now than to suffer the consequences later”.
Source: Reddit
Meanwhile, another Redditor felt that the OP should discuss the issue with their father, to which the OP replied that they have already done so and gotten their father’s approval.
Source: Reddit
One netizen also expressed concern for the OP’s father, asking if his vulnerability to scams could be an early sign of dementia.
Source: Reddit
Elderly individuals are often more vulnerable to scams, particularly when their financial literacy or decision-making ability is compromised.
In Singapore, scams have been on the rise, with police reports showing increasing losses each year across all age groups.
According to Care Corner Singapore, we can better support our loved ones who have encountered a scam through the following:
- Approach them with compassion
- Provide reassurance and validate their feelings
- Rebuild or strengthen the trust in your relationship
- Keep up normalcy
Seniors are also encouraged by the authorities to use the ScamShield app to block scam calls and messages, or call the 1799 helpline for assistance.
Have news you must share? Get in touch with us via email at news@mustsharenews.com.
Featured image adapted from ngampolthongsai on Canva for illustration purposes only.
