The 3 Reasons Why Older Adults Usually Avoid Handling The Money Of Elderly Parents
Health crises, cognitive issues, and deteriorating physical well-being – these are some of the challenges a senior may experience as he or she ages. These challenges may affect various aspects of one’s personal life including the area of finances.
When an elderly person is no longer capable of handling his or her finances, an adult child may be asked to assist. However, apprehension may arise when this topic is addressed.
We will outline 3 of the reasons why adult children may be reluctant to handle bill paying for their elderly parents in this blog post.
Assisting with Finances is Complicated
Though it may seem the most sensible thing to do, assisting with a parent’s finances is not that easy because there are many issues to consider. Here are the main reasons why children of seniors usually avoid helping with the financial issues of elderly parents:
1. It’s a sensitive Issue– More often than not, the topic of money is a “touchy” issue to talk about especially, if you’re suggesting to your parents that they may need assistance.
In general, many families are reluctant to discuss issues relating to money. These topics tend to be very personal and even among close family members may not be talked about openly. Even broaching the issue may make seniors feel offended in some ways.
2. It Could Create A Possible Rift Between Siblings – No matter how sincere and honest your intentions are, there may be apprehension among siblings. Of course, managing your parent’s money can be properly settled with your brothers and sisters. But one way or the other, conflicts may arise. And in the worst cases, these issues may cause a rift among siblings. There may already be underlying issues negatively impacting sibling relationships. Adding financial management of parents’ resources may increase these problems.
3. It’s A Huge Responsibility To Undertake – Finally, you may or may not be willing to take over your parent’s finances, but one fact remains that it’s a huge responsibility. If you assume this job, and something goes wrong, then ultimately you are responsible for any problems or mistakes. Likely you are busy with your career and raising your family. You may be handling these issues for your parents in your “free time”. This creates stress and may lead to resentment.
Handling the bill paying of elderly parents can be done effectively if you hire a professional company like SilverBills. So if you want to save your family from experiencing any of the complications mentioned above, then consider doing what is best for your parents by reaching out to us today and availing yourselves of our services. We would be happy to speak with you in a professional, sensitive way about these and any other issues you may be facing during the caregiving journey.