4 Tips on How to Discuss Money Issues with Family

We have previously discussed the importance of talking about finances with your adult children, but the hardest part is actually sitting down to have “the talk.” In general, talking about finances with your family can be a touchy subject and financial issues can go across the multigenerational board – from your adult children to your elderly parents. Even though it’s difficult to bring up money issues, it is still important to have these discussions, especially when it comes to money and health.

Here are some tips on how you can lay the foundation for discussing money issues.

1. Time the discussion right: When approaching a touchy subject, such as finances, it is always important to strategize when is the right time to begin the discussion. Try not to plan around events such as family get-togethers, holidays or any other important events. Discussing it just because everyone is available does not mean that it’s the right time – in fact, it may even cause unnecessary stress. Talk to your family member about choosing a time and place to discuss finances and health, rather than surprising them.

2. Do not criticize: Don’t be ready to attack your family members with criticism. It may not be your intent to criticize your family member – but be aware that the conversation needs to be a two-way street and an opportunity to engage and learn from each other.  Also, learn to respect each other’s boundaries. If your family member does not want to open up about their financial issues, let them know that you understand and are willing to be supportive.

3. Do not tackle everything at once: It is important not to attempt to tackle every single financial issue that may be going on. It would be exhausting, frustrating and could potentially backfire. Instead of putting out all financial issues on the table – take the time to target one or two key issues. Be clear with what issues you want to discuss. This will prevent family members from feel attacked and would give more of an opportunity to create a full strategy to help assist them.

4. Approach the situation with sensitivity: When you notice a potential or a current problem that your family member is facing, you must be sensitive in your approach to discuss finances. For example, if you are noticing that your elderly parent is having trouble taking care of themselves, it is important to bring up the subject of care options for them. It is not always easy to discuss these issues, so let them know that you are open and compassionate towards their needs.

If you or your family members are struggling with your finances and are over the age of 62, a reverse mortgage may be the option for you. To learn more about this program – speak with a Senior Advisor at 1-888-808-8486.

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