As the Singapore Government makes our facilities elderly friendly in light of our greying population, perhaps it is time to institute better legal protection for the elderly.
The elderly in general are more vulnerable to scams. In North America, statistics and anecdotal evidence point this to fact.
http://money.aol.com/bankrate/general/canvas3/_a/top-scams-targeting-the-elderly/20060615164009990002
http://crime.about.com/od/elderabuse/a/frauds.htm
http://www.cbsnews.com/stories/2004/09/23/60minutes/main645313.shtml
This will also probably be the case for Singapore.
How many elderly in Singapore have been tricked to part with their lifelong savings by MLM scam artists offering products which are inherently worthless, we will never know.
But a legal framework which emphasis that contracts with elders without the provision of requisite information or advice will be void can encourage third parties to not take advantage of the elderly.
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