You probably already know that many older adults develop problems managing finances as they age.
Now how would you answer the questions below:
- Has your aging parent planned for a decline in financial abilities?
- Are you prepared to detect signs of a financial decline?
- Do you know what to do if you do notice problems with finances?
Many people, even the ones who are caring and well-informed, will often answer “no” to these questions.
But this post will equip you to start answering yes. And I want you to be able to answer yes, because declines in the ability to manage finances are very common among older adults, and often causes serious health and life problems.
The trouble, of course, is that financial decline is uncomfortable for older adults and their families to think about. Managing money, after all, is one of the ways we maintain autonomy and control over our lives.
So nobody likes to confront the fact that our ability to manage money will — in all likelihood — someday decline. (Research suggests that even aging adults who don’t develop dementia often experience declines in financial ability.) And families are understandably squeamish about monitoring an older relative’s financial abilities.
Fortunately, a little education and guidance can make it much easier to be more proactive about this tough topic.
In this post, I’ll cover
- Five warning signs of financial decline
- Five important things to know about aging & finances
- How to protect aging parents from financial problems
- What to do if your aging parent is having trouble managing their finances
I’ll also cover some ways that geriatricians and other healthcare providers can help, both to reduce declines in financial ability and to properly evaluate them when they occur.