About Us
Our Services
Learning Center
Contact Us


aging parents


Some Suggestions on How to Talk to Aging Parents About Money…

Talking about money with aging parents can be a sensitive and potentially challenging conversation. However, it’s an important discussion to have to ensure their financial well-being and to address any concerns or potential issues. Here are some suggestions on the best way to approach this topic:

  1. Choose an appropriate time and setting: Find a comfortable and private environment where you can have an uninterrupted conversation. It’s best to choose a time when everyone is calm and relaxed.
  2. Be respectful and empathetic: Approach the conversation with empathy and understanding. Recognize that discussing finances can be stressful for your parents, as it may involve their fears, anxieties, and concerns about aging, health, or their legacy.
  3. Start with open-ended questions: Begin the conversation by asking open-ended questions to encourage your parents to share their thoughts and concerns. For example, you can ask how they feel about their financial situation or if they have any worries about the future.
  4. Be a good listener: Give your parents the opportunity to express themselves fully. Listen attentively and avoid interrupting or dismissing their feelings. Show empathy and validate their concerns.
  5. Share your concerns: After listening to your parents’ perspective, express your own concerns without being judgmental or critical. Clearly communicate why you think it’s important to discuss their finances, such as planning for long-term care or ensuring their wishes are met.
  6. Offer assistance: Let your parents know that you’re there to help and support them. Offer to assist with tasks like organizing financial documents, setting up a budget, or researching available resources and options.
  7. Respect their autonomy: While it’s essential to have open conversations about financial matters, respect your parents’ autonomy and decision-making power. They may have their own plans and preferences, and it’s important to acknowledge and consider their wishes.
  8. Involve professionals if needed: If the conversation becomes complex or there are disagreements, it may be helpful to involve a financial planner, elder law or estate planning attorney, or other professionals who specialize in senior financial matters. These experts can provide guidance and objective advice.
  9. Regularly revisit the topic: Financial situations and priorities can change over time. Make it a habit to revisit the conversation periodically, allowing for updates and adjustments as needed.

Remember, discussing money matters with aging parents is a process that requires patience, sensitivity, and ongoing support. By approaching the topic with respect and empathy, you can foster open communication and ensure their financial well-being.


Keep in mind that parents may be sensitive about talking about financial matters for various reasons:

  1. Privacy and Independence: Many individuals, including parents, consider their finances a private matter. They may value their independence and feel uncomfortable sharing personal details, especially when it comes to money.
  2. Aging and Vulnerability: Discussing finances may remind aging parents of their own mortality and potential decline in health or independence. It can bring up fears about becoming a burden on their children or losing control over their financial affairs.
  3. Cultural and Generational Factors: Cultural and generational attitudes towards money can influence how comfortable someone feels discussing financial matters. Some individuals may have grown up in environments where money discussions were considered taboo or inappropriate.
  4. Emotional Ties and Identity: Money can be tied to a person’s sense of self-worth and identity. Discussing finances may trigger feelings of shame, guilt, or anxiety, especially if they perceive their financial situation as inadequate or compare themselves to others.
  5. Fear of Judgment or Loss of Autonomy: Parents may worry about being judged or seen as incapable if they disclose their financial situation. They may also fear that discussing finances with their children could result in a loss of control over their own decision-making. They may also feel that they may lose your respect. After all, they are parents and should have known better or wanted to do better for themselves and you.
  6. Inadequate Financial Planning: Some parents may feel sensitive about discussing finances because they may not have engaged in comprehensive financial planning or have concerns about their financial preparedness for the future. They may feel embarrassed or overwhelmed by their lack of knowledge or understanding.

Given these sensitivities, it’s important to approach the topic with empathy, respect, and an understanding of their concerns. Creating a safe and non-judgmental space for discussion can help alleviate some of the discomfort associated with talking about money.


Another consideration might be to use some of the resources at Smartwills.  Our blog and resources pages have lots of content you can print and share to guide the discussion.  One of the other very safe ways is to begin to use the Smartwills SmartAccess Kit it has pages of materials listing key information that will be needed to help in planning. The organization of the information may be just the spark you need to begin this important discussion.

Check out this free Family Registry Estate Planner

Want more information?

Are you interested in a consultation with Peter R. Welsh?
Contact me at Peter@SmartWills.ca
By telephone 416-526-3121
Register for our blog to get valuable tips and up-to-date alerts.

This material is for general information and educational purposes only. Information is based on data gathered from what we believe are reliable sources. It is not guaranteed as to accuracy, does not purport to be complete and is not intended to be used as a primary basis for investment decisions.