Aging parents who avoid talking about finances are afraid of losing their independence and control as it could mean ending up in a home, according to AgingParents.com. Other reasons they want to avoid the conversation: They are concerned their kids will turn lazy if they know what their parents are worth; they’re afraid their kids will pressure them to give money as gifts; and they’re afraid of being taken advantage of. To help start the conversation, parents need to understand that it puts a burden on their family if they don’t have financial information. Parents should disclose what they have, where it is, how to get to it, and what it would take to manage finances. If not financial planning has taken place, now is definitely the time to get that started.
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