Protecting our precious senior ‘silver’
Published: Apr 24, 2021 08:03 PM
Illustration: Xia Qing/GT

Illustration: Xia Qing/GT

Media reports have recently said that elderly citizens in their 60s and 70s have become dominant customers of beauty salons in China. This is a positive sign. It proves that many Chinese seniors have changed their mind-sets. They have begun to care more about themselves to explore more happy and entertaining means to enrich their retirement years. They are no longer just saving money for their offspring, or sparing no efforts to take care of their grandchildren. Of course, news about beauty salons ripping off seniors has been exposed. It was recently reported that a lady in her 70s in Shanghai spent over 2 million yuan (about $307,000) by March within only two years. Apart from beauty salons, the pitfalls and ways to defraud the aged have been widely seen, including healthcare and investment schemes. Many seniors are unable to sense these traps. They have to swallow massive losses. It is time for authorities to supervise this silver economy and make sure that the elderly are not taken for a ride.

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