It’s a common refrain among adults who ultimately realize how little knowledge and information they have about the things that matter most in life: why don’t they teach this in high school? When it comes to personal finances, few public schools spend much time on the subject aside from cursory notes and lessons. However, managing personal finances is one of the most important skills adults should have, including seniors. When people reach advanced years, managing their personal finances can become even more complicated and it could lead to difficulty paying for any type of in home care support.
Some aging parents will be reluctant to share information about their health or personal finances with their adult children. They certainly have the right to privacy, but keeping this information organized and understanding how to best manage money is a skill and as technology and times continue to change, it can become more challenging (and not just a little bit overwhelming) for seniors to keep up.
That’s why assistance can be so crucial, especially for men and women in their 70s, 80s, or 90s who may, at some point in the future, need to consider hiring a home care aide or other support. If they don’t manage their finances properly or don’t understand the options available to them, they may not be in the right position to be able to afford that level of care when needed.
Author and financial adviser Julie Jason noted in her CTPost blog entitled, Elderly parents may need help organizing finances:
“It is not uncommon for elderly parents to refrain from sharing financial and estate-planning details with their children. The same goes for sharing health concerns.
Leading independent lives, parents and children forget that, at some point, they will likely need each other. Whether the challenges of aging be physical or cognitive or both, there is no way to avoid them — except to die young. As Bette Davis said, getting old is not for sissies.”
It’s not easy for most people to readily admit when they need help, when the tasks they used to do with ease and even take for granted become overwhelming. Reaching out can be a challenge and opening up one’s personal finances to a loved one, especially an adult child, can feel embarrassing or like a personal violation.
Discussing these topics openly as early as possible may help soften the blow, so to speak, and encourage more open dialogue about some of the concerns, challenges, and issues seniors will face, financially and health-related, as they continue to age.