Start the Conversation: Talking to Your Elderly Parents About Finance

Most things in life come full circle. At one time your parents were responsible for caring

for you. However, as time goes by parents may need support from their adult children.

Money is one of the most critical areas where your parents will need assistance as they

age. Here are the best ways to start the conversation about finances with your elderly

parents.

Be Respectful

First and foremost, you’ll need to be respectful when having financial conversations with

your elderly parents. After decades of having them take care of you, they may not be

receptive to sharing this personal information with you. Try not to let the conversation

become one sided. Listen to what they have to say and provide your input where

appropriate. Don’t make commands but rather suggestions.

Remember Their Upbringing

Keep in mind that your parents come from a different generation and upbringing than

you did. What they’ve experienced in life has influenced their money habits and financial

health. They likely have a different perspective on money than you do and it doesn’t

mean that it is wrong.

Become Knowledgeable

The financial concerns of senior citizens vary greatly from financial struggles at other

points in life. In order to have useful conversations with your elderly parents and to

actually be able to help them, keep in mind their unique financial needs. Some of the

biggest financial strains for the elderly are medical expenses. Discuss their insurance

coverage, their needs and ability to afford assisted living, and whether or not they have

long term care insurance.

Take Caution

Unfortunately, elderly are the most targeted demographic for identity theft and other

types of financial scams. Be aware of the different ways the elderly are being

manipulated and do what you can to protect from these types of theft. Speak with them

about the dangers of identity theft and financial scams and discuss what safeguards are

in place to protect their financial assets and information.

Step in When Necessary

If your parents come to a place where they need support don’t be afraid to step in where

needed. If they can no longer handle their finances consider getting a financial power of

attorney. Speak with a financial advisor or lawyer about their situation if you are unsure

about how to take action.

Begin the conversation with your elderly parents about finances in a respectful and encouraging way in order to keep the lines of communication open. Email Carolina Money Minders today to discuss the different concerns you should discuss with your elderly parents to ensure their comfort during their golden years.