Why Aging Parents Don’t Discuss Money Management Matters With Their Adult Children

When it comes to money matters, especially in the aspect of senior financial management, both parties (the parent and their children) consider this topic as somewhat of a taboo. And while progenies can be somewhat hesitant to handle the finances of their elder parents (as previously discussed in one of our blog articles), seniors also have their own set of reasons why they tend to avoid tackling financial discussions to junior family members.

So in order to understand what’s going through the minds of our beloved elders, we are going to cite these reasons why aging parents don’t discuss money management matters with their adult children in today’s article and understand why they are often reluctant to talk about this subject during family meetings.

1. They Are Afraid Of Disclosing Their Current Financial Situation

As the senior members of the family, parents are usually expected to have acquired the knowledge of properly managing their own money during their early years. And since age is often associated with knowledge and experience, they are already expected to handle this matter in the best way possible at this stage of their lives.

But more often than not, they may have missed out on the chance of sorting out wealth and expenditures correctly or just lack the skill to manage finances on their own. And as a result, they are unwilling to talk about this topic to their offspring.

2. They Are Anxious, And Talking About It Will Only Make It Worse

When parents talk about certain things like having a family or raising kids, it is normally considered as a form of guidance. But when discussing about money management matters with their adult children, it will only increase their anxiety as there is a fear that the children may see things differently and may result in rifts that can ruin the relationship of the whole family.

3. They Don’t Know How To Answer

In relation to anxiety, aging parents are scared of being ill-prepared for any questions that the children may raise about the topic because they don’t know how to answer them in the first place. It’s possible that they are not really that educated in wealth management. That’s why there is a certain level of tentativeness when talking about issues concerning money.

4. They Don’t Want To Be A Burden To Their Children

And lastly, aging parents don’t want to discuss money management matters because they don’t want to be a burden to their children.

As parents, they only want what’s best for their children even if it means they have to deal with certain problems on their own. They recognize the fact that their children are already adults with their own responsibilities and families as well. So presenting the idea of letting the children manage their own money will only add another responsibility that would eventually be considered as a burden.

Additionally, they may not be aware of the existence of financial advisors that specializes in handling senior’s money properly. That’s why they’d rather keep this matter to themselves than troubling their children about things that they’re not supposed to take care of anymore.

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