In honor of Older Americans Month
Each May, we celebrate Older Americans Month – a time to recognize the strength, wisdom, and contributions of older adults in our communities. It’s also a perfect moment to reflect on how we can support their independence and well-being, especially when it comes to financial health.
As our loved ones grow older, their financial lives often become more complex. From managing fixed incomes to navigating digital banking, older adults can face a range of challenges younger generations may not even think about. Offering support – without overstepping – can make all the difference in helping them feel secure, independent, and confident with their finances.
Start with trust and conversation
The best support starts with understanding. If you have a parent, grandparent, or older friend, simply starting a conversation about their financial goals and routines can go a long way. Ask questions like:
- Are you comfortable managing your banking online?
- Do you have a system for keeping track of bills and due dates?
- Is there someone you trust to help if anything ever seems off?
These questions aren’t about taking over – they’re about opening a door and letting them know help is available if and when they want it.
Keep it simple and organized
Many older adults prefer paper statements, handwritten notes, or systems they’ve used for decades. Instead of pushing them to change everything, consider helping them simplify and organize what already works:
- Make sure all bills are easy to access and clearly labeled
- Help create a list of account numbers, contact info, and due dates
- Set up automatic payments for recurring expenses, if they’re comfortable with it
- Introduce budgeting tools (paper or digital) they can enjoy using
Stay ahead of scams together
Unfortunately, older adults are often targeted by scammers. But rather than focusing on fear, try empowering your loved ones with a few easy-to-remember tips:
- Don’t give personal info to anyone who contacts you unexpectedly
- When in doubt, hang up and call the company back directly
- Review your account activity regularly – ideally with a trusted helper
Sometimes, just knowing they have someone to talk to if something seems suspicious can give them extra peace of mind.
Encourage planning for the future
Supporting elders also means helping them think ahead – on their terms. That might include:
- Reviewing or updating wills, trusts, and power of attorney documents
- Choosing a financial advocate or adding a joint account holder they trust
- Discussing long-term plans for care, housing, or major expenses
These are sensitive conversations, but they’re worth having early and often.
A little support goes a long way
Helping older adults with their finances isn’t about control – it’s about care. It’s about making sure they feel confident, respected, and prepared. With patience, compassion, and good communication, we can all play a role in helping the seniors in our lives thrive financially – now and in the future.