Perspectives How to talk to your parents about money
Talking to your parents about their money isn’t easy. But many adult children find themselves suddenly in over their heads as the de facto family finance expert after an emergency. Having a conversation about finances before it’s a crisis can save a lot of trouble. And with a whole generation of parents entering old age and life expectancies on the rise, it’s a situation that’s becoming increasingly common. This episode, Amy D’Aprix, also known as Dr. Amy, is our guest. She’s an author, speaker and consultant for the Scotiabank Women Initiative. She’ll give us practical tips on how to have that dreaded money conversation with our parents regardless of your age.
For further info about power of attorney, wills and more, check out our Estate planning 101 episode.
Key moments this episode:
1:30 — Why is this an issue now?
2:29 — What problems are you trying to avoid by having these conversations?
5:27 — This can be an awkward conversation. How do you start it?
6:37 — The two major fears aging parents have around bringing up finances
8:32 — A checklist of what to talk about
11:02 — Why this conversation can be especially awkward
12:06 — What are the day-to-day things to think about when helping with parent’s money?
13:19 — If you’re not a financial expert, how can you help?
14:12 — What about siblings?
15:26 — What is a ‘club sandwich’?
16:24 — How you have these conversations can matter just as much as what you say
17:57 — What if you’re the aging parent?
Visit Scotiabank’s Advice+ site for more tips:
Estate planning guide for seniors
How you can support your loved ones with a trust
Should you agree to be someone’s executor
6 strategies to help protect seniors against financial fraud