Talking about finances with elderly relatives can be a difficult topic, especially if they don't want guidance or help getting organized. As loved ones age, however, conversations and decisions around money become more important as financial security becomes a major source of stress. Furthermore, many elderly individuals will note some cognitive decline that can make it more difficult for them to manage their financial situation independently. There are several ways you can start the conversation with your elderly loved one and offer support with financial concerns, even when your loved one does not want that help.
1. Make Sure You Understand The Situation
Before having an in-depth conversation on finances, do your research. Ask questions so you have a full understanding of how much your loved one can manage – including budgeting, bill paying, and more. Have a decent understanding of what solutions your loved one may already have set in place and where they're coming from. Often, you will find that your loved one is better organized and prepared than you thought, which may mean that less intervention is required.
2. Respect Your Loved One's Wishes
Respecting their wishes should always come first. Ideally, you should have a conversation with your loved one about their wishes before any cognitive decline occurs. Then, try to follow your loved one's wishes as carefully as you can, even if you do not necessarily agree with those choices.
3. Be Patient
As conversations about finances become more important with age, there will be some uncomfortable moments that arise. Understand that your elderly relative may experience some emotional responses or hesitation when discussing their financial picture. When this happens, stay patient and understanding of where they are coming from and respectfully address any issues you want to discuss.
4. Show Concern
When it comes to talking about money with an aging loved one, it is important that your focus is on the person's needs rather than just the numbers. Assure your loved one that this conversation isn't meant to take away their autonomy. Instead, demonstrate your concern by focusing on the quality of life they can have given different strategies or solutions related to money management.
5. Present Solutions
If you start off a conversation with possible solutions in mind, give those ideas carefully and slowly so as not to overwhelm your loved one with too many options at once. This will allow them both time and space to think things through while making modifications they feel comfortable with so each side can get what they need out of the discussion without feeling pressured into any particular plan right away. Try to have solutions already in mind for serious issues, but be willing to discuss and negotiate.
6. Listen Carefully To Their Concerns
Your loved one may have concerns that are very different from yours. As you continue the conversation about financial management, make sure that you listen carefully to their concerns.
Get More Help Caring For Senior Loved Ones
One of the biggest financial challenges many seniors face is ensuring that they have the right level of care as they age. At Senior Helpers Corvallis, we help ensure that seniors in Corvallis, Salem, Albany, Lebanon, Monmouth, and Molalla have the high quality of care they need to remain in their homes longer, which can help reduce financial strain down the road. Contact us today to learn more.