Having open and honest conversations about finances can be challenging, especially for seniors and their loved ones. Seniors with mental or physical impairments might struggle to sign checks, keep up with bills, or calculate a budget. Maybe they’ve recently lost a spouse who handled their finances. Maybe English isn’t their first language. Fear, embarrassment, and even a sense of privacy can often make these conversations seem daunting. But when it comes to ensuring their financial security and well-being, these discussions become crucial.
The consequences can be devastating if a senior forgets to pay their bill. They risk losing their home, being evicted from their apartment, having utilities shut off, or damaging their credit. Some could lose their savings if they fall for a scam. If you notice a senior having trouble with their finances, talking with them can help. However, it’s important to gently broach the subject with compassion. Keep these tips in mind for recognizing if a senior needs help, and then how to start a conversation:
Judge the Situation
First, assess the situation. Ask yourself:
- What do their friends and relatives think about their mental health? Have they noticed any confusion or forgetfulness?
- Has the senior received any alerts or letters from collection agencies?
- Are they neglecting to open and pay bills, cash checks, or list deposits?
- Are they missing checkbooks, bank statements, or other financial records?
- Have they spent a lot of money on lottery tickets or contests?
- Have they made an unusually large donation to charity?
- Do they know what bank accounts and investments they have?
- Have they ever been a victim of telemarketing or investment fraud, identity theft, or predatory lending?
Have a Conversation
Talking about money isn’t always easy. Carefully approach the topic with sensitivity. Some seniors feel embarrassed about having money issues. Others hesitate to seek help because they believe that means relinquishing their control and autonomy. Some might not even trust their family or friends if they believe they have ill intentions with their money.
It’s best to discuss a loved one’s finances before they become an issue. Talk about what would happen if and when they need help in the future. Decide what events might indicate they need help (such as receiving an account alert). Plan how you both will work together to solve issues when they arise.
From Stress to Security: How You Can Help
Voice your concerns to your seniors and make them aware of possible consequences if their finances don’t improve. Involve them in the decision-making process as often as possible. Focus on what they can do and only offer suggestions for tasks they may need help with. Above all, listen to their opinions. It’s important to remain supportive and empathetic.
Even though these are tough conversations to have, they can have rewarding outcomes. Before deciding to have a conversation, consider talking with a financial advisor about certain issues. Your local Area Agency on Aging (AAA) can offer referrals for the best local resources.
By fostering open communication, building trust, and welcoming your seniors into financial discussions, you can navigate these conversations with respect and understanding.
