Wellness tips for Elderly Caregivers

Five Reasons You Might Want To Support Elderly Relatives With Their Money

As our loved ones get older, we often have to pick up more of the care in their day-to-day life. That could be visiting the shops for them, transporting them to appointments, or simply providing them with a bit of company to reduce the risk of loneliness.

However, one thing we often forget to do is help them manage their finances when, in truth, they may very well need it. 

Whether your loved one is in nursing care for elderly patients, living with you or still living at home independently, there are several reasons why you might want to start getting more involved with the financial side of their life. This includes:

Protecting Against Financial Exploitation

Unfortunately, elderly people are often more vulnerable to financial exploitation and scams, making them a target for fraudsters in a bid to exploit their savings. However, you can limit the potential for that to happen by actively assisting with their finances and effectively acting as a safeguard against such exploitation. 

It may be that your elderly loved one goes through you on such matters, while also monitoring accounts and reviewing transactions can also go a long way to prevent such activities and make sure their hard-earned money is protected.

Ensuring Financial Stability

A big part of paying more attention to a loved one’s finances is ensuring that they are financially stable and managing to pay the bills. As cognitive abilities start to decline with age, forgetting to pay bills or overlooking important financial documents can become more common, while they may also struggle to make informed financial decisions.

You can help with bill payments, financial planning and budgeting to ensure that they will not fall into financial hardship, allowing your elderly relative to maintain a control over their finances throughout the remainder of their life.

Maximising Benefits and Entitlements

It may actually be that by starting to pay more attention to a loved one’s finances, you can spot benefits that they may be entitled to but may not be receiving. Things such as pension benefits, housing assistance and other streams of income could be accessed but they just simply never have. 

You can help apply and navigate the various benefits they may be entitled to and maximise the financial resources available to them.

Planning for Long-Term Care Needs

Ultimately, by looking at finances, you can begin to plan for any long-term care needs they may have, such as entering a nursing home or installing mobility aids. You can ensure money is kept aside for such instances, while it may also be a good idea to begin to set up power of attorney and such things to ensure that your elderly loved one receives the care and support they need without their financial security being compromised.

Alleviating Financial Stress

Finally, you can help reduce stress among your elderly loved ones by picking up such matters. Financial stress can have a huge toll on mental and emotional well-being. You can help alleviate some of that burden by managing their money more effectively. This may be helping with budgeting, organising financial documents or even just providing reassurance, which can all bring peace of mind and allow your loved one to live in a more relaxed and stress-free environment.