As caregivers, your role includes protecting your loved one’s emotional, physical, and financial health. Financial trouble can be hard to spot, but early action is key. Greg Smith, CFP®, Financial Advisor and Trish Gleason, CRPS®, Financial Advisor at Raymond James identified five warning signs to watch for:
Sign 1: Unusual Spending Habits
Look for impulse purchases, large gifts, changes in spending habits, or new anxiety about money.
Sign 2: Disorganization and Missed Bills
Unopened mail, unpaid bills, or confusion with accounts could indicate trouble managing finances.
Sign 3: Changes in Health and Wellbeing
Struggles with daily tasks like cooking or hygiene may reflect decline, impacting their ability to stay on top of financial responsibilities.
Sign 4: Becoming Homebound
Your loved one may feel embarrassed about mental or physical decline and may stay at home more often. This could result in missed bank deposits or more delivered packages due to online overspending
Sign 5: Increased Exposure to Scams
Be alert for unfamiliar charges, suspicious calls, or too-good-to-be-true offers, which often target older adults.
If you notice any of these signs, ask how you can help. This can lead to conversations around budgeting, automatic payments, and setting up alerts for bank activity. Together, you may want to consult a trusted financial planner or advisor who understands your goals.
Getting Professional Help
A trusted financial planner can help both the caregiver and loved one feel more secure. A simple review can reveal overlooked benefits, reduce risks, and build a plan for long-term stability. Many advisors offer a free Gap Analysis to compare current finances with future goals.
Financial wellness is a part of overall health; it helps support independence, just like mobility and medication.
To learn more, contact: Greg.Smith@raymondjames.com or Trish.Gleason@raymondjames.com.
(352) 472-3220
