If you have an elderly family member with health problems, you owe them the best health care possible, and also the best financial care.
Keeping their financial matters in order usually means managing their bank and investment accounts. With the holidays already upon us – a time when seniors tend to spend more money – the timing has never been better to take a look at your elderly parents’ bank account.
Another good reason to keep on top of their finances? Fraud. The Better Business Bureau reports that about 20% of American senior citizens - approximately 7.3 million people - “have been taken advantage of financially in terms of an inappropriate investment, unreasonably high fees for financial services, or outright fraud.”
“Having a serious conversation with your elderly parents about how they are managing their money is not easy, but it is extremely important in order to help protect them from unscrupulous crooks,” said Kim States, Better Business Bureau president. “It’s extremely important to keep the lines of communication open so that you can identify suspicious spending habits, as well as educate your elder family members on recognizing the red flags of common cons.”