Talking to your aging parents about finances can be a difficult conversation to have, but it’s an important one. Here are ways to help make the conversation go smoother:
Choose the right time and place
Pick a time when your parents are relaxed and not distracted and choose a private and quiet location to talk.
Be respectful and empathetic
Approach the conversation with a positive and respectful attitude and try to put yourself in your parents’ shoes.
Start with an open-ended question
Ask your parents how they’re feeling about their finances and let them do most of the talking.
Listen actively
Give your parents your full attention, and don’t interrupt or judge them.
Be honest and direct
Be clear about your concerns and why you’re having this conversation. Also, alert them to scams and people trying to deceive them.
Avoid making assumptions
Don’t assume you know everything about your parents’ finances or what they want.
Focus on the big picture
Try to keep the conversation focused on their long-term financial goals and how you can help them achieve them.
Offer concrete solutions
Come prepared with specific suggestions for how your parents can improve their financial situation.
Involve other family members if necessary
If your parents are resistant to your suggestions, consider involving other family members or a financial advisor.
Follow up
After the conversation, make sure to follow up with your parents to check in on their progress and offer ongoing support.
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