Why experts say it's time to talk money with aging parents

Talking about money with your aging parents may be uncomfortable, but experts say waiting can make things harder.

A new report from The Wall Street Journal says families should discuss finances before a medical emergency or cognitive decline creates bigger challenges.

According to a survey done by U.S. Bank, 45% of adults in American don't know their parents financial situation.

The survey found that while parents regularly discuss financial concepts with their children, those conversations happen less often the other way around.

Forty-four percent of Americans turn to their parents for financial advice, while only 42% identify their parents as an influential source of financial guidance.

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The survey also found that Americans would rather discuss potentially contentious topics, such as who they voted for in the 2024 election or current events, than talk about finances.

Despite that, about half of Americans suspect they will need to provide financial support for their parents or in-laws in the future. And 66% say they are comfortable discussing that possibility with them.

When approaching conversations about finances with aging parents, financial advisors recommend starting with simple questions about bills, savings and future care plans before moving on to topics such as wills, power of attorney and long-term care.

Experts say planning ahead can help reduce family stress and protect aging parents from scams.