Wednesday, March 29, 2023
I Took Over My Father’s Finances at 25. The Lessons Were Hard-Won.
While many adult children find themselves taking care of their parents later in life, occasionally, roles are reversed. For example, adults in their early 20s and 30s might find themselves in a caregiver role due to chronic illness, dementia, and divorce.
Emotions tend to become tied up with money, and many parents may have difficulty giving up control. But, unfortunately, it can be a necessity with declining health to keep bills from falling through the cracks. Wendy De La Rosa, a behavioral scientist and professor at Wharton School at the University of Pennsylvania, studies how finances influence family dynamics. She has found that many internalize financial situations.
“It goes from ‘I made a mistake with money’ to ‘I am somebody who doesn’t manage money well,’” Dr. De La Rosa said. “And that’s shame — when we feel shame, we tend to put our heads in the sand and not talk about it.” Shame can be especially problematic in the caregiver transition.
For more information see Samantha Chencharik “I Took Over My Father’s Finances at 25. The Lessons Were Hard-Won” The New York Times, March 26, 2023.
Special thanks to Lewis Saret (Attorney, Washington, D.C.) and Matthew Bogin (Attorney, Maryland) for bringing this article to my attention.