When it comes to caregiving, women typically bear the brunt of the responsibilities — and this can include financial, physical and emotional care. Because finances are often involved, it’s no surprise that a recent Fidelity study found that caregiving leads to financial stress — 62% of caregivers said they sometimes feel overwhelmed by this stress. And women caregivers tend to feel greater financial stress than their male counterparts — 65% of women report feeling stressed versus 54% of men. The study also found that 40% of caregivers have experienced financial setbacks due to their responsibilities. But with the proper planning, a lot of these monetary stressors and impacts can be mitigated. In today’s “Financially Savvy Female” column, we’re chatting with Arvette Reid, an advisor and client services director at Lifecare Affordability Plan, which helps families facing difficult decisions about how to plan and pay for care, about how women can handle the financial responsibility of taking care of aging parents.
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Have the Talk
“After years of working in healthcare and finance, I have heard repeatedly, ‘People don’t talk about money.’ Most families aren’t comfortable discussing money around the dinner table,” Reid said.
But while this conversation may be uncomfortable, it’s in your best interest to have a frank conversation about finances with your parents.
“It is important to conquer these fears, especially as your parents age,” Reid said. “If your parents try to brush off the conversation and won’t give you the basics about their finances, explain that they are helping out both futures — theirs and yours — since most older adults want to make sure their kids are taken care of.”
More Help: 3 Alarming Ways Women Are Lagging Behind Men When It Comes to Their Finances
Helpful: How To Handle the Financial Pressure of Being the Sole Breadwinner
“Gather all the documents that are about money and money adjacent, like investments, pensions, wills, trusts, life insurance policy, power of attorney documents, etc.” Reid said. “This is the best way to give you a full picture of your parent’s finances.”
Take Control of Your Finances: You work hard for your money. It’s time to make your money work hard for you. Schedule a free call with a Certified Financial Trainer to get started!
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