As people age, it’s natural to want to help them manage their money.
If you’re helping a parent, relative or friend, there are respectful and practical ways to be involved.
This guide can help you start the conversation, understand your role, and offer support without overreaching.
Start a conversation about money
Talking about money can feel awkward – especially if someone’s worried about losing independence or feeling like a burden.
But starting money conversations early makes it easier to avoid problems later.
It’s also easier to make decisions when things are calm rather than waiting for times of stress or change.
It is important to make it clear you’re offering support – not taking over.
- Keep it relevant – only ask for information you need to know to work out how to help them. Avoid asking about irrelevant or private personal details.
- Encourage open discussion – ask about their plans for the future and any concerns they have: for example, they might be worried about paying for aged care.
- Share your own concerns – explain why you wanted to talk to them. For example, that you want to make sure they’ll be looked after if they get sick or if anything happens to them.
Spot when someone might need help
Not everyone will ask for help. But there are signs you can look for that could mean they need support:
- unpaid bills or unopened mail
- cancelling services or missing appointments
- physical changes, such as trouble reading making it harder to pay bills
- memory loss or difficulty with everyday tasks.
Understand the kind of help they need
There are many ways to help but the right choice depends on the situation.
Help can be occasional, short-term, or ongoing.
Some things you might want to help with include:
- managing bills and budgeting, including setting up direct debits
- helping organise important documents like their will and powers of attorney
- dealing with government benefits like the Age Pension or concession cards
- accessing aged care or healthcare costs and services
- avoiding scams or financial abuse
Nicola notices unpaid bills
Nicola’s father Anthony is in his 80s and has always independently managed his own finances. But recently, she has noticed mail building up – and she has found some late notices for utilities in the pile. She gently raised it, and Anthony admitted he was finding it harder to keep track of what was due when. Nicola helped him set up direct debit arrangements with the utilities, so he doesn’t have to worry. She hasn’t taken over – but with the bills paid, Anthony has one less thing to think about.
Know what role you're taking on
Helping someone can sometimes involve taking on legal responsibilities.
These include:
- Power of attorney: an agreement that gives you legal authority to look after someone’s affairs, if needed. If a person can’t make their own decisions anymore, each state and territory has ways to appoint someone to make financial and legal decisions for them.
- Services Australia: you can be authorised to act on someone’s behalf with Services Australia. There are two types – a correspondence nominee manages communication, while a payment nominee manages payments. You can be either or both.
- Authority to act: most businesses, utilities, government agencies and councils allow someone to be authorised to act on another person’s behalf. Each organisation has its own rules and forms.
Other roles like guardianship also exist for non-financial matters.
Consider financial information or advice
Services Australia’s Financial Information Service (FIS) offers free, impartial and confidential information about money and retirement. FIS can provide free information on a variety of financial topics for seniors, such as:
- understanding retirement income streams
- planning for residential care
- wills and estate planning
- understanding pensions
Many people find it helpful to get professional financial advice to put a plan in place to manage their money.
If you need more help and support, see get help in retirement.
Key actions you can take
- Start early. Talk about money before problems arise
- Watch for signs that someone needs help like unpaid bills
- Match your help to the need – support can be occasional or ongoing
- Know your role - and understand what you are legally allowed to do and when you must act in someone’s best interest