As parents get older, managing finances can become more difficult, leading to missed payments, confusion or even vulnerability to scams. Whether they have asked for help or you’ve noticed signs of financial struggle, handling the situation with care and sensitivity is crucial.

Recognising When Help Is Needed

If an elderly parent is forgetting to pay bills, struggling to understand bank statements or making unusual purchases, it may be time to step in. Cognitive decline, physical difficulties or simply feeling overwhelmed by financial tasks can all contribute to money management issues.

Day-to-Day Financial Assistance

Helping with everyday money management, such as setting up direct debits, organising paperwork or assisting with online banking, can make a significant difference. Mind have a useful guide on how to manage finances. A third-party mandate allows a trusted family member to access and oversee transactions, while a joint account provides shared financial responsibility-though it comes with tax and liability considerations.

Power of Attorney and Legal Protection

If an elderly parent is struggling to manage their money or may lose mental capacity in the future, setting up a Power of Attorney can provide legal authority to handle their finances. A Lasting Power of Attorney in England and Wales, or equivalent in Scotland and Ireland, allows a trusted person to manage financial affairs if the parent becomes unable to do so themselves. Power of Attorney Online has a step-by-step guide to help you. Visit /powerofattorneyonline.co.uk/ for more information.

Protecting Against Financial Scams and Exploitation

Older adults are often targeted by fraudsters, making financial protection a priority. Keeping an eye on bank transactions, setting up spending alerts and educating them about common scams can help safeguard their money.

Planning for the Future

Discussing long-term financial planning, such as wills, pensions and inheritance, helps prevent uncertainty later on. Encouraging open conversations about their finances while they are still able to make decisions ensures their wishes are followed.

Supporting an elderly parent with their finances requires sensitivity, planning and legal safeguards to help them stay financially secure.