Tips for Discussing Finances with a Senior Loved One

Discussing money can be uncomfortable regardless of who you’re talking about it with. However, there comes a point where you may need to step in and ensure your aging parent’s finances are in order. But how do you begin this conversation without prompting your parent to get defensive or upset? Here’s some advice on how to approach your loved one about money.

Ask Your Parent for Advice

People generally love to be afforded the opportunity to share their wisdom. Seeking out advice from an older adult provides a boost for his or her ego and pride. Therefore, you may start the conversation by asking how your parent was able to save so much for retirement or how he or she managed to stay out of debt. If you frame things in a positive and complimentary light, your parent may open up without having to be prodded.

Make It Part of an Estate Planning Discussion

Whether you’e 25 or 85, it’s never a bad time to gather the family and create an estate plan. By subtly grouping concerns about your loved one’s financial stability in with a discussion on estate planning, you can help your parent feel empowered to take control of his or her finances and financial legacy. It may also open your loved one’s eyes to the fact that he or she needs some added assistance to remain at home in the golden years. Managing finances is just one of the many daily tasks your loved one may need help with. Aging adults who require assistance with the tasks of daily living can benefit from reliable elderly home care. Families trust Home Care Assistance to provide the high-quality care their elderly loved ones need and deserve. Our caregivers are trained to help seniors prevent serious illnesses and encourage them to make healthier decisions as they age.

Open Up a Respectful Dialogue

Talk to your loved one as soon as possible if you recognize any signs of financial vulnerability. Be sympathetic when asking open-ended questions to see what your parent is willing to reveal. For many families, it’s more effective to place blame on other people. For instance, you could talk to your loved one about the increase in the number of phone solicitations and the need to stop them so he or she can get some peace. Alternatively, let your loved one know you’re worried about him or her because you know how stressful it can be to keep up with bills. Either way, let your parent know he or she is supported and loved during the conversation. Due to personal responsibilities, some families don’t have enough free time to help their loved ones manage their finances and other tasks of daily living. If you’re the primary caregiver for a senior family member and you need respite care, Winnipeg, MB, Home Care Assistance is here to help. Our respite caregivers are trained to assist older adults with a wide variety of everyday tasks, including meal prep, physical activity, and personal hygiene. We also provide 24-hour care and specialized care for seniors with Alzheimer’s, dementia, and Parkinson’s.

Let Your Parent Guide the Discussion

Instead of framing the discussion in terms of your concerns about your parent’s finances, let your parent talk about what his or her worries are and how you may be able to help. From there, you can then bring up your own concerns and work on ways to come up with a financial plan that ensures security and financial freedom. By empowering your parent and letting him or her guide and control the discussion, it may be much easier to get the answers you need. However, if your loved one isn’t forthcoming about his or her financial stability, you may have to take a more straightforward approach. Let your loved one know you’re concerned for his or her wellbeing and not trying to infringe upon his or her independence. Keeping finances in order may be more difficult for seniors living with serious health issues. Living alone at home in the golden years can present a few unique challenges. Trust Winnipeg home care professionals to help your senior loved one maintain a higher quality of life while he or she manages an illness and performs the daily tasks of living. We will work with you to create a customized home care plan that’s suited for your loved one’s unique needs. Call the Home Care Assistance team at (204) 489-6000 today