Article Advises How and When to Help an Older Parent With Finances

Sound management of finances is important for adults of any age. Unfortunately, some of the health or cognitive problems we face as we get older can make this a challenging task. In May, the Wall Street Journal published an article on when to step in with an older parent to help manage finances. We share here some of the article’s advice. 

A Merrill Lynch and Age Wave study that found 92% of caregivers provide some type of “financial caregiving,” which can include paying bills, filing taxes, or helping with insurance claims, according to the article. 

The article’s author, columnist Glenn Ruffenach, advises broaching the topic of financial caregiving sooner rather than later. “If anything, many families are too slow to act,” he wrote. “Denial plays a big part in this.” As you might expect, many older patients try and minimize their health or cognitive challenges, and children often are hesitant to step in. 

Ruffenach recommends pointing out to your parent that everyone needs help as they age, be it with yard work, home repairs, or household finances. “I began talking with my mother when she was in her early 70s (and still in good health) about the importance of having a family member on ‘standby’—someone who knew about her bills, credit cards, insurance, investments, etc.,” Ruffenach wrote. 

The article shares several resources to help guide readers through the topic of managing finances for a family member:

  • The Consumer Financial Protection Bureau has four guides called “Managing Someone Else’s Money”.
  • The National Caregivers Library has six articles that cover financial caregiving.
  • The AARP conducted a study called “Family Financial Caregiving: Rewards, Stresses, and Responsibilities.” The article is available on by searching “family financial caregiving.”

Of course, Secure Aging is another option to help an older loved one manage finances. Using Secure Aging helps adult children and grandchildren maintain their familial role.

Call Secure Aging to Find Out How We Can Help Seniors With Financial Management

At Secure Aging, we transform the weight of the world into a sigh of relief for our senior clients and their concerned family members. The mission of Secure Aging is to protect and preserve our client’s independence and dignity through careful and thoughtful financial and care management. As our clients age, it is their desire to remain independent and age with dignity. Our services protect our clients from talented con artists looking to exploit and deplete the financial resources of our vulnerable seniors. Call us at 941-761-9338, or visit us online at

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