There’s a huge possibility of older kids being involved in their parents’ finances as they age. But then again, money can be a sensitive topic, and most people don’t like discussing it as much. Despite that, this is a conversation that has to happen. Ignoring the financial talk with dad and mom can put kids in a difficult situation when the time comes and they need help to manage their money. Fortunately, talking to parents about their finances is not as complicated as most people assume.

Know the Perfect Time to Bring Up the Conversation

Even before kids start thinking of what they’ll say, they should figure out when is the right time to bring up the conversation. Timing is important as things can go wrong if children aren’t careful with this. For instance, the time when one of the parents is carving the Thanksgiving turkey is definitely not the time to start asking about who is getting what in the will. The chances of a conversation about senior living or estate planning going well are higher when everyone is relaxed. If several kids are older, they should all find time and choose a quiet place free of distractions to talk.  

Make the Conversation Part of the News or an Event

The news can be the perfect conversation opener. Things like health care, the economy, and politics are great starting points. Adult kids can strike the conversation about general current events and then gradually direct the conversation to their parents’ situation. For instance, if the news is talking about how to prepare for retirement, bring the situation closer to home by talking to parents about their retirement. Once children start talking about retirement, it becomes easier to ease into topics like financial planning during retirement years. 

Don’t Make the Conversation About Money

Some parents consider money a taboo topic. Children who start by mentioning money are likely to have a hard time getting their parents to open up or listen. Start with other light topics that will lead to talking about money. For instance, children can ask their parents whether they’ve given much thought to retirement. This opens a whole conversation about various aspects of retirement, such as money, estate planning, assisted living options, etc.

Invite Parents to Educate Others

Kids can also give their parents a chance to pass on financial wisdom to younger people. During the session, questions like what financial lessons parents have learned will come up. This is a safe approach as kids can get to know their parents’ mindset about finances. Later on, when reviewing the class, it becomes easier to slide into the conversation about parents’ finances.

Ask for Advice

Children can start the conversation by asking for advice regarding their own financial situation. A question like how to save for retirement or the different life insurance options can be great conversation starters. Hardly can parents resist giving their kids advice. They’re also likely to use their real-life experiences to give advice. This gives kids the opportunity to know their parents’ plans and where to start the money conversation. For instance, if parents mention not having a will, kids can suggest meeting an attorney as a family to draft wills.

Find Out What Matters Most to Parents

If the conversation resembles something like which kid gets what in the will, most parents won’t be very comfortable opening. They’ll feel like their kids are bringing up the conversation for selfish reasons and are likely to shut it down. Instead, older children can find out what matters to their parents. Would they like to get a caregiver to help with daily activities? Do they have any experience with assisted community living? What was their impression? Let parents know you’re bringing up such conversations because you care for them.

Offer to Help Where You Can

Kids can get an idea of their parents’ finances by handling a financial task for them. This is a great strategy for kids who have noticed their parents struggle to manage their finances. For instance, tell them about how setting up an automatic bill payment plan ensures they don’t forget about paying any bills on time. In a way, kids can keep tabs on their parents’ finances and advice where needed.

Talking to parents about finances also involves discussing their living conditions. Cypress Court in California is a wonderful assisted community where elder parents can feel at home. We provide a safe and secure community where we care for our residents’ health and well-being. Contact us today, and let us take care of your parents.