3 signs parents may need help with finances

Jasmine Phu

May 31, 2011

Sometimes, it's obvious when an older parent needs a little more help around the house, or may be suffering from a health condition that requires them to move in with a family. That's not the case when it comes to managing finances. 

CNN.com recently suggested a few ways that caregivers can better identify when a parent needs help with money.

1. New variables. If a spouse has passed away or suffers from a chronic illness, it becomes the duty of the more able individual to pick up the slack. This can plunge parents into unfamiliar territory with which they made need help.

2. Money matters take more effort than normal. Whether it's paying the bills or just picking up the tab at a restaurant, if parents are a little less capable of sorting through their finances than before, it may be time to step in.

3. Cognitive impairment. It's hard to be sure if a senior is beginning to suffer from cognitive decline, but if family members suspect this could be the case, start offering to help with money.

Experts suggest that safety should be another top priority for families. Installing an elderly alert system in a home can help ensure that older adults have a way to send a medical alert to an emergency call center if they require assistance.