Talking about money and finances with seniors can be tricky to navigate. But when done well, it can give both you and your loved one confidence in the future, knowing that their finances are well-managed and everyone understands and respects their wishes when it comes to estate planning, budgeting for future medical costs, as well as other critical topics.
However, if you find yourself in a situation where your senior relative doesn't want help getting their finances organized, take a step back and re-evaluate your approach. It can be done in a way that's empathetic and motivating.
Why Seniors Sometimes Avoid Talking About Finances
There are a variety of reasons why seniors may be resistant to receiving help managing and organizing their finances. It's critical to understand the root cause in order to adequately address it. Fear of losing control, fear of change, fear of the unknown, pride, as well as embarrassment are all possible reasons why seniors would not want help with their financial plans.
Understanding these feelings can go a long way towards inspiring empathy within yourself and motivating them to take action.
8 Ways to Talk About Finances With a Senior Loved One
1. Be Patient and Acknowledge Their Feelings
When talking about finances with seniors, it's important to be patient and show compassion. Acknowledge their feelings without passing judgment, which creates a space where they feel comfortable expressing their thoughts and concerns. Let them know that you understand their hesitation and can relate to any of the emotions they might be facing. It's essential for your relative to trust you in order for this conversation to have a positive outcome.
2. Ask Questions About Why They Don't Want to Talk
To know how to best approach the conversation, ask questions about why they don't want help with their finances. Are they anxious? Do they feel like it's too complicated for them? Do they think that no one else is capable of understanding or managing their money correctly? By getting a better idea of what your senior relative is thinking and feeling, you can identify where resistance may be coming from and address it accordingly.
3. Emphasize That They're in Control
Letting seniors know you aren't trying to take over or make decisions without them can also have a big impact on how well they receive advice. Reassure them that you are there to support and guide them, not push or dictate decisions for them.
4. Find Ways to Bring Up the Topic Casually
Instead of calling for a big family meeting, it might be helpful to introduce the topic in a more relaxed and neutral environment. For example, if they watch the news, financial stories about inflation or rising grocery costs could spark conversations about budgeting. Additionally, try not to make your elderly relative feel like you're pressuring them into making decisions quickly or talking only about numbers and statistics. Bring up finances as just one of many conversations that you can have with seniors on any given day.
5. Share Your Own Financial Planning Process
Explain your own financial planning process in a simple way. Talking about yourself first provides the senior an opportunity to talk about finances without feeling like it's all on them. This can make it much more comfortable for seniors to eventually open up and express their thoughts on money-related topics.
6. Suggest Small, Manageable Steps
Some seniors might feel intimidated when faced with the daunting task of managing their finances. If this is true for your senior loved one, suggest breaking up large tasks into bite-sized activities. This might look like focusing on a monthly budget instead of the whole year, or simply daydreaming about what they want retirement to look like.
7. Point Out the Benefits of Financial Planning
Once they are in the right mindset, presenting all of the advantages that come with financial planning can also help further encourage them. In fact, there are many benefits to estate and money organizations, such as minimizing family disagreements, ensuring retirement savings last throughout their lifetime, avoiding unnecessary mismanagement or fraudulently stolen funds, and reducing taxes where possible. You could also include some of the problems that might happen if they don't plan ahead, such as a higher estate tax levied down the road.
8. Seek Professional Help
Consider hiring a financial advisor that specializes in helping seniors organize their finances. In fact, the cost of this service is usually much less than one might expect. This would also provide you and your loved one with the expert resources needed to create an appropriate plan based on their individual needs and wishes.
Senior Helpers of Southwest Pittsburgh Offers Personalized In-Home Care
Senior Helpers of Southwest Pittsburgh's in-home care offers personalized services tailored to seniors' specific needs. We can help you live the life you want with the support of our licensed and trained professional caregivers who specialize in a variety of areas.
Contact us today to learn more about how we can help seniors throughout Pittsburgh, Bethel Park, Bridgeville, Allegheny County, and Washington County, PA.