Managing Money

Menstuff® has compiled information on the issue of the ability of elder loved ones managing money.

Does Your Loved One Need Help Managing Money?

Organizations that serve the elderly are aware of the great need many seniors have for financial assistance. Yet it is you, the caregiver, who will probably have to assess whether your loved one needs help managing money.

How will you know? These questions should help. Answering "no" to the following may indicate a need for assistance. Keep past financial behavior in mind, however. If your loved one has never used credit cards in a responsible manner, the inability to do so now doesn't necessarily indicate a decline in abilities.

Does your loved one:

Answering "yes" to the following questions also may indicate that your loved one has difficulty managing money. Again, keep past behavior in mind.

Does your loved one:

Other signs that indicate your loved one may need financial assistance include:

If your loved one does need help, it's important to speak with him or her about your concerns. Remember that personal independence is often linked to financial independence, so be clear about your concerns and offer multiple options. Above all, ensure your loved one has a chance to participate as much as possible in managing his or her money.

Source: For more caregiving information, please visit on the Internet.  

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