Helping older family members deal with finances

Talking about finances with your older family member can be awkward, but it’s important to plan ahead. Talk about how best to manage or dispose of property and assets, making a will and an Enduring Power of Attorney, and budgeting.

Financial security is important as we age – and budgets might be tight. Talk to your family member about their budget, and make sure they are not worrying too much. Some older people worry about power bills so much that they underheat their homes, which can be bad for their health.

The Sorted website has budgeting tools and articles for those over 60. And this Sorted booklet covers many aspects of financial life after retirement. This information will help you to help your family member stay financially independent for longer:

If your older relative is concerned about no longer being able to make decisions about their property or health, they may want to set up an Enduring Power of Attorney. The Age Concern website has more on this. You can find information on making a will on the How to Law website.