Many Canadians today are faced with the challenge of caring for an aging parent or family member. A Statistics Canada study found that one in four Canadians provides care or help to a family member or friend with a long-term health condition, a physical or mental disability, or an aging-related need ¹.
Taking on the caregiver role for a senior can be especially stressful for middle-aged Canadians, who are often sandwiched between their careers, raising children and fulfilling financial obligations, on the one hand, and providing care for aging parents or other family members on the other.
Caregiving is a challenging role that can have a major impact on your financial and emotional health. Taking the steps now to prepare a thoughtful plan can help you provide your loved ones with the personal and financial support they need. The reward is that you’ll be giving your parents a more independent and enjoyable life while creating peace of mind for yourself.
Here are five steps to help your aging parents with finances during the transition to caregiving.
5 Tips for Helping Aging Parents with Finances
Why Choose Experior Financial Group?
Whether you are looking for financial information on insurance policies, retirement savings or building your investment strategy, Experior Associates can help you create a plan for you and your family’s future that will provide you with peace of mind. Our Associates will provide you with a free financial analysis. The Expert Financial Analysis is provided with no hidden costs and gives you a clear and accurate picture of your current finances. A step-by-step plan that shows you how to achieve your financial goals. Contact one of our Associates today to learn more!
2 There is Money on the Table: Challenges and opportunities of marketing to an older population, Environics Analytics, April 2019.