Older adults may require some help when it comes to managing their finances. Many people worry about their aging parents’ ability to handle financial matters. Older people need help because of visual impairments, mental impairments, and physical impairments. They might have lost a spouse who used to handle their finances or need help with English skills. They also have an increased vulnerability to scammers. The consequences can be severe when older people are unable to manage their daily finances or if they become susceptible to financial abuse. Read on for a guide to helping older adults manage their finances!
Assess the Situation
The first step in helping your loved ones with money management is to determine if they need your help. If they do, how much help is actually needed? You can start by talking with your loved ones. In some cases, the financial needs are obvious. Some people might admit they need help and welcome your help. Others might insist they can handle their own affairs and resist your intervention. If your parents belong to the latter group, but you notice that they need some help, you can do some investigating.
Broach the Subject
It is important for you to broach this subject of financial assistance with sensitivity. Many older adults might be embarrassed about being unable to manage their financial matters. Others are concerned that if they relinquish control over money, they are losing more of their independence. Some might even think that their children or relatives are out to steal their money.
The best time to talk about financial matters for older adults is before they need help. Talk about what will happen when they need help to manage their finances. Agree on some events in which they might need help. Then come up with a plan for how you can work together when the time comes.
Explain your concern about some aspects of their money management and point out the possible consequences. Involve them in the decision making as much as possible and always listen for what they have to say about this issue.
Experience an Active and Healthy Life at Discovery Village At Melbourne
Here at Discovery Village At Melbourne, we have designed a world-class senior living community, especially for your loved ones. It is found in a prime location, near Harbor City Country Club Estates and Pinehurst Gardens. We offer three options to choose from: Supervised Independent Living, Senior Assisted Living, and SHINE® Memory Care. No matter which option your loved ones choose, they will be well taken care of, as our mission is to raise the standards of senior living so that your loved ones can enjoy the later years of their life. Our residents can enjoy all of our facilities and amenities. Our professional health and wellness team designs individualized care plans depending on your loved ones’ needs. Not only that, we have many fun and exciting activities planned for your loved ones to lead an active, healthy lifestyle. Feel free to contact us for more information!