Talking to Parents About Money Is Hard — Do It Anyway

Talking about money can be hard. So it’s not that surprising that 62% of people don’t talk about money – period – according to a survey by The Harris Poll and Empower. Things are even quieter between adults and their parents: Only one quarter of Americans have had “the talk” about their parents finances.

But opening up a dialogue with aging parents is one of the best ways to protect your family from sudden financial challenges. Someone hitting retirement age in 2024 has nearly a 70% chance of needing long-term care services at some point – and those can cost between $5,000 and $10,000 a month on average.

Getting old can be expensive. But about 20% of people over 50 have zero retirement savings, according to an AARP survey. And 50% of them worry they won’t have enough savings to last them through retirement. These are not the kinds of things you don’t want to see coming.

So what? Of course, “the talk” can take many forms. Whether it’s just an introductory check in or a deeper consultation, having a clearer idea of where things stand can bring some comfort – even if their financial situation isn’t all roses. Expressing your interest and offering support, whether financial or emotional, will put you and your family on more solid ground.

Photo Credit: iStock/roberthyrons

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