Having a financial discussion with elderly relatives who don't want help getting organized can be very challenging. However, broaching topics such as budgeting and money management can help ensure your loved ones are adequately cared for. It can also help protect them from scams. The FBI reports that in 2021 alone, victims over age 60 lost more than $1.7 billion to scammers. Discussing finances can help you protect your senior loved ones from losing their money.
Learning about their challenges and trepidations is essential to have this conversation successfully. In this blog post, we will discuss why elderly family members may not want help getting organized regarding money. We'll also provide some tips on managing senior finances and how to approach these sensitive topics.
Reasons Why Elderly Relatives May Not Want Help Getting Organized
Many elders fear someone managing their finances will strip them of their independence. No one likes feeling like a child. It can feel like that when someone dictates how your money should be spent or saved. Similarly, facing an impossible amount of paperwork and financial tasks make an elderly family member feel overwhelmed. They may need help to keep on top of all the decisions required. There may be a fear associated with money management. They may worry about making the wrong choice if given control over important financial decisions. Many people, not just seniors, would rather pass off this task to others that are more knowledgeable. That may be due to a lack of confidence in financial matters. Understanding why your senior loved one doesn't want to have the conversation may make it easier to broach the topic. Then you can tackle the complex discussion together.
Four Tips for Talking About Managing Senior Finances
Is it time to talk to a senior loved one about their finances? Here are four tips that can make the conversation a little easier.
Be Respectful and Understanding
When discussing finances with elderly family members, be respectful and understanding. Having this conversation calmly and kindly will help put the senior at ease so they can better focus on the task. It helps if you start by acknowledging their feelings and respecting their independence. Try not to sound overly critical or judgemental of past decisions. USAToday has some additional tips on when and where you can approach this conversation to make it a calm and productive one.
Explain the Benefits of Getting Finances Organized
Explain that understanding financial goals and budgeting are essential in taking control of one's future. Once you start discussing the benefits of organizing their finances and how it can help alleviate any concerns your elderly relative may have, they'll be more likely to open up. They can then consider ways to manage their money better. Additionally, organizing all the information into one place will make life easier if people like yourself need to get involved.
Offer to Help in Small Ways
Offering to help in small, gradual ways can make the process seem more manageable. You can start by tackling one task at a time. Maybe enter all their bank account and credit card information into a personal financial management website. Updating all the bills on automatic payment systems will also give your elderly relative more control over their finances. Equifax also suggestsasking if your senior loved one needs help covering expenses like medications, utilities, or credit card payments. There may be resources available to help managing senior finances.
Be Patient and Respectful
With these monumental tasks, be patient and understanding with your elderly relatives. Change can sometimes be tricky, so being supportive throughout the process will help them feel more comfortable managing their finances. Additionally, don't forget that history matters, and you should respect previous financial decisions.
Need Help With a Senior Relative in Erie?
Talking about finances with elderly family members can be stressful, but it doesn't have to be. If your senior loved one needs help getting organized or requires more support than you can give, consider reaching out to Senior Helpers Erie. We serve families and their senior loved ones in Erie and Warren, PA. We provide assistance tailored specifically to the individual and ensure a safe, stress-free environment for your loved one. Contact us today to learn more about our services!