When you were a child, your parents would have handled matters for you that you were not yet mature enough to deal with. On becoming an adult, you start to gain your independence.
Unfortunately, as you approach your elderly years this process starts to reverse and you can lose some of your ability to deal with complex aspects of life such as financial management. This is a position that your elderly relatives may find themselves in right now. How can you tell if they are finding finances overwhelming and what can you do about it?
Careless spending
Grandparents like to look after their grandchildren and other members of the family, that’s only natural. However, you do need to keep an eye out for careless spending. For instance, is your elderly relative constantly buying lavish gifts for people or handing them over lump sums of money? If this is voluntary and done out of kindness, then fair enough, but it could be a sign that your elderly relative has lost track of exactly how they are spending their money. The sooner you check that everything is ok, the less trouble your loved one might get in financially.
Signs of debt collection
Your elderly family member still lives in their own home and you visit them on a weekly basis. One day, when you are around for lunch, the doorbell rings. A debt collection agency is demanding payment for an outstanding balance. It appears that your loved one doesn’t really have a grasp of the situation.
In some cases, debt collection agencies also send reminder letters and even emails. It’s possible that your family member doesn’t use email regularly so has missed reminders. If you notice a pile of unopened letters on the sideboard then this is also something to be concerned about.
When an older person is struggling with finances, there are ways that you can help them. One of the best courses of action to take is to seek some legal guidance from someone in the field of elder law.
