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Signs that your elderly relative may be having money problems

On Behalf of | May 24, 2015 | Chapter 7

Late in life, it may be difficult for elderly Americans to deal with financial problems. After all, they may not be working as much as they used to (because they are retired) or they physically cannot work as many hours as they did when they were younger. Because of this, financial crises may have more of an effect than what they used to; and being on a fixed income doesn’t help either.

When elderly people encounter financial problems, it is more likely than not that they will try to conceal the problem from loved ones. There are a number of reasons behind this. They may not want to feel like they are being a burden on family (even though they have been  financially generous when they were younger), or they may not want people to know that they have squandered their savings,

Regardless of the reason, there are several telltale signs that loved ones should pay attention to. This post will identify a few.

Letting mail pile up – A normally neat and tidy home that becomes cluttered with unopened mail could be because the person does not want to deal with bills they can’t pay for.

Cutbacks on necessities – When you see prescriptions going unfilled, dry cleaning not being picked up, or an empty refrigerator, this could also be a sign that a person is going through financial difficulties.

Picking up a part time job – It is becoming more common for seniors to take part time jobs to stave off boredom and to be a part of a community. However, when an elderly person takes on a job that few people know about, it could be a sign that they need money.