{"id":10095,"date":"2014-05-29T00:00:00","date_gmt":"2014-05-29T00:00:00","guid":{"rendered":"https:\/\/www.lifeline.philips.com\/resources\/blog\/2014\/05\/talking-to-your-senior-parents-about-a-personal-finance-plan.html"},"modified":"2023-10-23T09:43:02","modified_gmt":"2023-10-23T13:43:02","slug":"talking-to-your-senior-parents-about-a-personal-finance-plan","status":"publish","type":"post","link":"https:\/\/www.lifeline.com\/blog\/talking-to-your-senior-parents-about-a-personal-finance-plan\/","title":{"rendered":"Talking to Your Senior Parents About a Personal Finance Plan"},"content":{"rendered":"<p>Personal finance is an important consideration at any age, but it\u2019s a particularly difficult one for adult children to discuss with their aging parents. So it\u2019s no surprise that, according to\u00a0<a href=\"https:\/\/www.fidelity.com\/static\/dcle\/welcome\/documents\/intra-family-generational-finance-study.pdf\">a recent report from Fidelity Investments<\/a>, although as many as 94 percent of adult children agree that it\u2019s vitally important to fully discuss <a href=\"https:\/\/www.lifeline.com\/blog\/tips-on-caring-for-senior-parents-finances\/\">personal finance<\/a> with their aging parents, fewer than half have actually done so.<\/p>\n<p>It may be easier and simpler to avoid the topic, but that\u2019s not healthy. The study shows that avoiding this <a href=\"https:\/\/www.lifeline.com\/blog\/the-most-important-conversation\/\">important conversation<\/a> can lead to discontent and disagreement between senior parents and adult children. It can also harm the family\u2019s ability to\u00a0plan effectively for the future.<\/p>\n<h2>To facilitate the start and successful conclusion of this conversation, try these suggestions:<\/h2>\n<h3>Find a \u201cHook\u201d<\/h3>\n<p>News reporters know that stories become more accessible when they begin with a compelling item of interest. Open the door to financial discussions with your parents by starting the conversation with some information they\u2019ll find interesting, such as:<\/p>\n<ul>\n<li>A news item or current event, or a short-term financial opportunity<\/li>\n<li>A true story about a friend\u2019s or family member\u2019s finances<\/li>\n<li>A concern or item of interest brought up by your parent<\/li>\n<\/ul>\n<h3>Ask for Their Advice<\/h3>\n<p>Many senior parents have managed their money fairly well their entirely lives. It\u2019s legitimate for you to raise your own personal finance questions and ask them for help. You might ask about how best to respond to your financial manager\u2019s questions, select an investment strategy, or make a specific decision.<\/p>\n<p>From there, it can be natural and easy to ask them about their financial situation and begin discussing the best ways forward.<\/p>\n<h3>Think About the Family<\/h3>\n<p>If your parents have adequate financial resources, they\u2019re probably concerned about disposing of it fairly and wisely to children and grandchildren in their wills. Asking about their confidence in these financial plans can provide the opening for a fuller discussion of their current financial matters, choices, and opportunities.<\/p>\n<p><em><a href=\"https:\/\/www.lifeline.com\/blog\/tax-tips-family-caregivers-older-adults\/\">See also: Tax Tips for Family Caregivers and Older Adults<\/a><\/em><\/p>\n<h3>Serve Only as an Advisor<\/h3>\n<p>You\u2019ll smooth the way for an in-depth financial conversation with your parents and a comprehensive <a href=\"https:\/\/www.lifeline.com\/blog\/crafting-a-feasible-financial-plan-for-caregiving-costs\/\">financial plan<\/a> for their future by avoiding trying to take control of their resources. There are plenty of professionals who can offer management and balancing of their assets. The goal, after all, is not to supplant your parents in the financial driver\u2019s seat but instead to make sure they have secured their lifestyle to the best of their financial ability.<\/p>\n<p><em><a href=\"https:\/\/www.lifeline.com\/blog\/why-power-of-attorney-is-important-to-understand-as-a-caregiver\/\">See also: Why Power of Attorney Is Important to Understand as a Caregiver<\/a><\/em><\/p>\n<h3>Take Small Steps<\/h3>\n<p>It helps to recognize that you don\u2019t have to solve every financial problem in one attempt. You can have many small, itemized conversations with your parents and gradually work toward a comprehensive plan. This approach is not only less draining emotionally, but also has the effect of removing any obstacles to a full discussion of their financial futures.<\/p>\n<p>Your aging parents may be unwilling to fully acknowledge their diminishing capacities or their need for outside assistance beyond what they\u2019ve needed in the past. This is quite common, and very understandable. To avoid triggering a negative response, be diplomatic and frame conversations and planning in terms of positive benefits like spending more time together. Also, avoid patronizing your parents by providing help they don\u2019t actually need.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Personal finance is an important consideration at any age, but it\u2019s a particularly difficult one for adult children to discuss with their aging parents. So it\u2019s no surprise that, according to\u00a0a recent report from Fidelity Investments, although as many as 94 percent of adult children agree that it\u2019s vitally important to fully discuss personal finance<a class=\"read-more\" href=\"https:\/\/www.lifeline.com\/blog\/talking-to-your-senior-parents-about-a-personal-finance-plan\/\"> Read more >><\/a><\/p>\n","protected":false},"author":3,"featured_media":31833,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[20,27],"tags":[],"class_list":["post-10095","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-caregiving","category-smart-spending"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.9 (Yoast SEO v26.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Talking to Your Parents About a Personal Finance Plan | 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