EP323 Financially Supporting Aging Parents

Young Money with Tracey Bissett

As Canadians grapple with the financial and emotional aspects of supporting aging parents, we sit down with Clay Jarvis, a mortgage and real estate expert from NerdWallet Canada. This episode dives into NerdWallet’’s recent aging parent survey, conducted by the Harris Poll, revealing that nearly one-third of Canadians are either assisting or plan to assist their parents financially.

Listen in as Clay provides expert advice on initiating conversations about finances with aging parents, addressing sensitive topics such as estate planning and end-of-life care. He emphasizes the importance of timely discussions to prevent financial hardships and ensure parents’ wishes are respected and planned for accordingly.

“It's better to just confront these things head-on, and deal with them.” - Clay Jarvis

This Week on Young Money:

• How to start conversations about financial support without adding stress.
• The impact of financial pressures on multi-generational families in Canada.
• Practical steps for managing the financial responsibilities of aging parents.

Key takeaways:

1. Don’t avoid difficult conversations.
2. Practical planning is essential.
3. Consider professional advice.

Connect with NerdWallet:

• Website
• LinkedIn

Connect with Clay Jarvis:

• LinkedIn

Resources Mentioned:

• Shannon Terrell
• 2024 Financially Assisting Aging Parents Report

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