How to Address an Older Adult’s Financial Vulnerability

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Many seniors are vulnerable to financial problems because of factors such as changes in their brains or personalities, which can make it more difficult for them to manage money. If you’re putting together your senior loved one’s care plan, consider these factors when addressing age-related financial vulnerability. 

Know the Risk Factors

Seniors with dementia or age-related memory loss can forget to pay their bills. Other factors such as isolation could cause your loved one to fall prey to scammers who tap into a senior’s need to feel a sense of purpose. Your loved one may also be vulnerable to financial issues because of the side effects of prescription medication or a change in reasoning abilities that can occur following a health condition such as a stroke. 

Many older adults are choosing to age in place, and some need a helping hand to continue living at home safely and comfortably. Luckily, there are professional homecare services seniors can trust and rely on.

Take Stock of Their Finances

Financial matters can be a sensitive subject for older adults who were taught to safeguard their money. Even if your parent refuses to talk about money, you may notice things like bills accumulating or utilities being shut off. If your loved one is receiving frequent phone calls or letters requesting donations, he or she could be vulnerable to financial scams. 

Helping your loved one manage his or her finances may be challenging if you have other important tasks to attend to. Family caregivers sometimes need a break from their caregiving responsibilities. When they need respite care, Barrie families can rely on professional caregivers to help their senior loved ones remain safe at home.

Open Up a Dialogue

Talk to your loved one as soon as you recognize the signs of financial vulnerability. Be sympathetic when asking open-ended questions to see what your parent is willing to reveal. 

For many families, it’s more effective to place blame on other people. For instance, you could talk to your loved one about the increase in the number of phone solicitations and the need to stop them so he or she can get some peace. 

Alternatively, let your loved one know you’re worried about him or her because you know how stressful it can be to keep up with bills. Either way, let your parent know he or she is supported and loved during the conversation. 

Take Preventative Action

One of the biggest issues with age-related financial vulnerability is that there may be several factors affecting the ability to manage money properly. Reduce your loved one’s financial susceptibility by requesting direct mail and phone solicitations be stopped. You may need to contact companies directly. 

Work with a physician if your loved one is experiencing memory loss or other risk factors that can lead to financial vulnerability. Addressing physical symptoms with medication, therapy, or at-home care can also prevent your loved one from financial harm. 

One of the most challenging tasks of helping an elderly relative age in place safely and comfortably is researching agencies that provide in-home care. Barrie families can turn to Home Care Assistance for reliable, high-quality in-home care for aging adults. We offer 24-hour live-in care for seniors who require extensive assistance, and we also offer respite care for family caregivers who need a break from their caregiving duties. To learn about our high-quality in-home care services, give us a call at 647-970-3803 today.


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