22 Jun Time to take away the financial keys?
Adult children have little knowledge about their parents’ finances. Here are seven ways to take charge.
Talking about money with parents is rarely easy. In a recent Fidelity survey of 1,043 adult children, The Independence Myth: Decoding the Implications of Aging Independently,3 one in five adult children said they don’t like talking about money with anyone, let alone their parents.
But in fact, three in ten adult children are concerned about their parents’ ability to manage their finances, and 14% are already taking care of parents’ finances.
The biggest knowledge gaps were related to day-to-day finances. Half have little to no knowledge about how much their parents spend on basic things like the mortgage or electric bill monthly, according to the findings.
While everyone’s situation is different – and it might not be a parent, but rather a spouse or yourself whose welfare is at stake – there are certain financial moves to make now before a health crisis happens to your family.
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