Tips for Broaching the “Money Talk” with your Parents

By Cyndy Batchelor, Financial Advisor O’Farrell Wealth & Estate Planning | Assante Capital Management Ltd.

Many of us worry about our parents and their wellbeing but are uncomfortable sitting down and discussing their finances and their plans about aging and end of life. This can be a difficult conversation to have, even if you have an open relationship with your parents. It may feel intrusive and insensitive, but the “money talk” is an important discussion to have. Here are some tips to on how to start the conversation.

Start by being open with your parents, perhaps discussing your own finances and the decisions you have made regarding your financial future. You can also bring up difficult financial situations that may have happened with other family friends. Be sure to start the conversation in a private place. Discussing something that may be uncomfortable to them at a family gathering may make your parents feel as though they are being cornered. If there are several children who are concerned, determine who might be the best one to approach your parents to have this conversation instead of doing it altogether. Stress the importance of knowing and understanding their wishes for their future. As an example, whether that