Aging is a fact of life. And as we age, our ability to handle certain responsibilities are somewhat limited. In fact, statistics show 29% of older adults ages 62 years old and above have difficulty in performing daily activities and may need help in these following areas:
- (and most importantly) Money management
And talking about money management, seniors will have to deal with this aspect one way or the other regardless of their present condition.
So take time to read this article as we are going to share some warning signs that a senior is in need of financial management help and make the necessary action before it becomes a big problem for the entire family.
A Senior Needs Assistance In Money Management If You Notice These Signs
Bills are piling up
Take time to check the mail and see if there are bills and unsorted mails left unopened. If this happened because your parent got sick or worse, because of cognitive impairment (being forgetful), then you need to address this immediately. Or better yet, you probably need a money management company to handle these things for your elder parent.
You can also use a bill paying service for the elderly like SilverBills to make your job a lot easier paying for those bills.
Credit card companies are calling
Go to your parent’s phone and check the caller ID to determine if credit card companies and bill collectors are calling. If you notice that your parent has been called many times (or getting repeat calls), then it’s an indication that they are not updated with their monthly payment obligations.
If it seems obvious that your parent is oblivious of the way they spend their money, then something is wrong. Likewise, if their card is returned due to insufficient funds or if you see undeposited checks lying around the table, then it’s a telltale sign that no longer capable of going to the bank to make deposits due to physical or slow cognitive reasons.
You suspect that your parent is a victim of financial fraud
And lastly, if you see suspicious mails and caller ID offering vacation deals, sweepstakes, investment solicitations, and the likes, then it’s possible that they are victims of scams and financial fraud. Also, some well-meaning friends may take advantage of your elder parent. So it’s best to investigate if anything financial related of suspicious nature is happening to your senior.
Once you notice your parent is in need of financial management help, the ideal move is to sit down and have a conversation with the entire family to address the issue. Of course elders may find this topic to be a bit sensitive thing to tackle, but rest assured you’ll be able to sort out with proper explanation.
And if in case you have unanimously decided not to be involved with your parent’s financial handling, then the next best solution is to hire a money management company to assist your senior in their monthly financial obligations and to allocate their funds properly.