A recent meme on a popular social media site said, “I believe that 95% of being an adult is handling insurance forms and financial statements I know nothing about.” Though intended to be humorous, many adults–especially seniors–have a hard time with financial literacy. A trusted Clearwater home care has come up with five reasons why all seniors should be financially literate.
1. They Won’t Become Victims of Fraud
These days, con artists are quite savvy, and they can come up with some pretty believable stories. By ensuring your loved ones are financially literate, you can help them avoid being the victims of fraud. Seniors should be able to pick out when something sounds “too good to be true”, either over the phone, through the postal mail, or via email.
2. They Can Prepare for Retirement
Retirement is one of the most important times in anyone’s life, but a lack of financial literacy can also make it one of the most difficult. Seniors who understand their finances and budgeting will be better prepared and be able to adjust to a new budget easier than those who aren’t.
3. They Can Ask for Help
One of the most important aspects of being financially stable involves knowing when to ask for help. Some seniors may be completely comfortable with managing their checking and savings accounts, but others may need a helping hand from time to time. Financial literacy is important for helping your loved ones know when they could use that help.
4. They Can Cope with Major Life Changes
As seniors grow older, they face numerous life challenges. Things like the death of a spouse, a significant injury, or even a transition into a new apartment can force seniors into new situations that often leave them feeling helpless. Financial literacy empowers them to make their own choices and provides a sense of security during even the most difficult times.
5. They Will Feel Independent
Finally, one of the most important reasons why seniors should be financially literate has to do with the amount of independence they feel. Numerous studies have shown that seniors who feel as if they are independent are less likely to experience depression, which can in turn lead to conditions like dementia and physical illness.
To learn more about senior finances and planning for live-in or hourly care in Clearwater, reach out to Home Care Assistance. It’s never to early to plan for the long-term, and having an idea in mind about the kind of care your loved one wishes to have in the future will help him or her budget accordingly. Give a friendly Care Manager a call at (727) 330-7862 and schedule a no-obligation in-home consultation