Helping an aging parent manage their finances can be difficult

Adults with senior parents often face a difficult balance between making sure their loved ones are healthy and happy while allowing them to retain the independence that many of them value highly. This is especially true when it comes to helping loved ones manage their finances. Elderly parents likely place a heavy emphasis on being in charge of their own money matters, but if their adult children notice some troubling signs – unopened bills, a pile of bank statement or general monetary disarray – it may be time to help out. Luckily, there are some ways for children to make sure their parents are financially stable while allowing them to remain independent.

Broach the subject delicately
Discussing money matters is never easy, and that is especially true if the topic revolves around giving some some semblance of control over an elderly loved one’s financial future. With that in mind, it’s especially important for family caregivers to approach the subject with caution. For instance, instead of immediately proposing taking over all of their bill paying, it may be a better idea for caregivers to suggest a smaller step, such as regular check-ins about finances. The steps can be escalated from there if need be.

Enlist other members of the family
Seniors may be reticent to accept help from their children, and if this is the case, family caregivers may want to bring in other loved ones. Perhaps an elderly parent would be more likely to listen to the financial advice of a sibling or even a close friend. Although adult children may want to have a more hands-on approach, if making sure their parents are in a good state means stepping back, it’s the best move.

Propose professional help
While older adults may not be too keen on accepting financial help from their son or daughter, they may be more willing to let a member of their professional network lend a hand. After all, it’s often the sole job of experts such as accountant to help older adults manage their money. This can be a win-win for both parties, because it can give family members some peace of mind while ensuring their loved ones are in a good place financially.