Managing finances can be overwhelming for anyone—especially seniors who may be living on a limited income. Often, friends and loved ones want to step in and provide the support needed to help senior loved ones manage their finances more effectively. However, many elderly people are hesitant to let go of financial control. A gentle approach may be required when it comes to dealing with the subject.
Reasons Elderly Loved Ones Are Reluctant to Get Help with Finances
When it comes to finances and money, elderly loved ones may feel they are losing their independence and autonomy when someone else steps in to take over on their behalf. They want to remain independent despite growing older or having a disability that makes managing their own money more difficult.
Additionally, many seniors take pride in keeping their finances under control. Not wanting outside help can be seen as taking responsibility for the situation and not being a burden on family members.
Finally, some seniors fear change, particularly when it involves complex concepts such as financial issues. They worry that asking for help may lead to more changes than they are comfortable with.
How to Initiate the Conversation About Finances
It's important to start the conversation about finances with elderly loved ones early. Ideally, you want to start discussing potential financial management options before it becomes a serious concern. That way, everyone has a chance to feel heard and understood—and you have a chance to learn more about what a senior loved one might really want.
Remember that financial management is a difficult subject for them. Be respectful of your senior loved one's wishes and opinions, be patient when listening, and actively seek out professional advice before making any decisions. Often, that simple respect can make it much easier for a senior loved one to make those key decisions about how to manage finances as they age.
Maintaining an open dialogue is key. Keep discussing finances with your senior loved one over time. Be open and honest about what challenges you may see, and encourage your senior loved one to talk to you honestly about the challenges they may be facing. That open dialogue can help keep respect intact.
Finally, simply offering tangible support can go a long way in helping your senior loved one manage their finances. Doing things like setting up online banking accounts or getting familiar with budgeting apps may set some seniors at ease so they can move forward in obtaining the assistance they need without feeling overwhelmed by new technology or financial concepts.
Get More Help for Senior Loved Ones
Sometimes, as seniors age, they may need more help in many areas of their lives, including basic self-care tasks or medical management. At Senior Helpers Wabash, we provide seniors in Grant, Huntington, Kosciusko, Marshall, Noble, Wabash, Allen, Miami, Wells, and Whitley with a variety of support services, including in-home care. Contact us today to learn more.