Tips for Talking to Your Aging Parents About Their Finances

Talking with an aging parent about their finances can be quite tricky, especially if it’s the first time you are doing it. It may feel like you’re invading their privacy, but it’s as critical as investing in their health care. Which strategy can you use to start asking your parents about their financial information? This guide explores all the tips to use.

It’s no doubt that some parents may feel insecure or threatened when you start talking to them about their finances. They may get concerned about losing their financial independence, making it a little bit tricky to get them talking. The good news is that when you do it the right way, your aging parents will be ready to talk.

Seek a Financial Advisor

Many people will always seek help from professional financial advisors to help them manage their finances. When talking to your aging parents about their money, kindly ask if they have financial advisors. Some financial advisors may give conditions under which their clients may share their financial information and with whom.

Avoid Phone Scams

According to the National Council on Aging, older adults lose billions of dollars yearly to scams and fraud. Since your aging parents are the primary targets for scammers, you need to do everything possible to avoid falling victim. If someone calls and asks for your parents’ personal information like passwords and date of birth, don’t give out the details.

Be Open and Honest

Without openness and honesty, talking with your aging parents about their finances can be very tricky. Many people tend to mismanage their seniors’ funds instead of managing their finances. Make your intentions clear to help your parents understand why you need to help them. Don’t be judgmental or critical during the discussion.

Talking to Your Aging Loved One About Their Finances

Now that you know the tips of talking with an aging parent about their finances, you can confidently start the conversation. Be ready to listen to the parents’ points of view about their money. Check if their financial resources are enough to fulfill all their wishes in life. Also, remember to stay honest throughout the conversation to encourage them to talk.

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