What to Do If Your Elderly Parents Have No Money

Practical steps to support aging parents facing financial hardship

As parents age, finances often become a source of stress—for them and their families. If you find yourself worrying about how to support aging parents who have little to no money, know you’re not alone. Many families face this challenge, and while the road ahead may seem daunting, there are practical steps you can take.

Understand their financial situation
Sit down with your parents to review their income, savings, and expenses. This can be difficult, but it’s essential to know the full picture before making decisions. What's important to remember is that as we age, we still want to retain autonomy. This can be challenging to balance, particularly when our aging parents feel like they are losing their independence or becoming a financial burden to their children. Approach the subject gently (it may take several tries!) and reassure them that their voice matters and that you are making important decisions with them, not for them.
Explore assistance programs
Depending on where you live and your parents’ circumstances, there may be government programs that provide financial aid. Research your options and apply on their behalf if needed.
Look into affordable home care solutions
Many families worry that home care is out of reach, but a reputable home care agency can help tailor services to suit your budget. Even a few hours of care at home each week can make a big difference over the long term. It's also worth investigating medical insurance that covers home care services or healthcare assistance for the elderly.
Get creative with housing options
Multi-generational living or downsizing to a smaller home can free up resources and reduce costs. This may be another tricky subject to navigate because in most instances, we want to continue living in our home for as long as possible. Have open discussions and explore your options together with patience and flexibility.
Involve siblings or relatives
If you have siblings, approach the topic of shared responsibilities. If family members can't share financial responsibility, you could still discuss sharing other responsibilities like splitting caregiving tasks or day-to-day errands.

Remember that talking about money can be uncomfortable and difficult for some. Approach the topic with love and patience, and with the goal in mind of making sure your parents receive the care they need without stress and overwhelm.

At CareCompany, we’re here to help you navigate the challenges of aging with dignity and compassion. Our dedicated team provides tailored home care solutions that ensure your loved ones receive the support they need while maintaining their independence.

Let’s create a plan that works for your family. Reach out to us today.