As parents get older, it’s natural for family roles to evolve. The people who once managed every aspect of family life may gradually need support with some of the practical decisions that come with ageing, including managing their finances.
Often, these changes happen slowly. A forgotten bill here or an unusual purchase there may not seem significant on its own. Over time, however, a pattern can emerge.
According to Lin Carey, Financial Adviser at Halpin Wealth, recognising these changes early can help families protect both their loved one’s financial wellbeing and their independence.
“These conversations aren’t about taking control away from someone,” Lin says.
“They’re about making sure the right supports are in place before a small issue becomes a much bigger one.”
Changes in day-to-day money management
One of the first signs families often notice is a change in everyday financial habits. This could include:
- Bills being left unpaid or unopened
- Missing regular payments
- Confusion about bank accounts or direct debits
- Difficulty keeping track of paperwork
- Asking the same financial questions repeatedly
While everyone occasionally forgets things, ongoing changes deserve attention.
“Sometimes it’s simply a sign that managing paperwork has become overwhelming,” Lin says.
“Other times it can indicate changing health, grief, memory issues or increasing vulnerability to scams.”
Rather than focusing on what has gone wrong, Lin recommends approaching the conversation from a place of support.
“Offering to sit down together and review finances can feel far less confronting than suggesting someone can no longer manage their own affairs.”
Unusual spending or unexpected transactions
Another common warning sign is behaviour that seems out of character. Perhaps your parent has always been careful with money but suddenly begins withdrawing large amounts of cash, making impulsive purchases or sending money to unfamiliar people.
Unrecognised transactions on bank statements can also indicate scam activity or identity theft. A regular review of bank accounts together can often identify issues before they become costly.
Increased exposure to scams
Older Australians continue to be heavily targeted by scammers. Today’s scams are sophisticated and often rely on trust rather than technology.
Common examples include:
- Fake bank or government phone calls
- Text messages pretending to be delivery companies
- Investment opportunities promising unusually high returns
- Requests for gift cards or cryptocurrency
- Romance scams that develop over weeks or months
“The people behind these scams are incredibly convincing,” Lin says.
“They create urgency and pressure so people don’t have time to stop and question what’s happening.”
Encouraging parents to pause, verify information independently and talk to someone they trust before sending money can significantly reduce the risk.
Significant changes to legal or financial arrangements
Changes to a will, Enduring Power of Attorney or property ownership aren’t necessarily cause for concern.
However, if significant changes benefit someone who has only recently entered your parent’s life, or if your parent seems reluctant or confused when discussing those decisions, it may be appropriate to seek independent advice.
Early conversations can often prevent misunderstandings and ensure your parent’s wishes are genuinely reflected.
Start the conversation before it’s needed
The best financial conversations rarely happen during a crisis. Discussing where important documents are kept, who has authority to help if needed and how financial decisions are made can provide reassurance for everyone involved.
“It isn’t about removing someone’s independence,” Lin says.
“It’s about creating a plan that gives families confidence if circumstances change.”
Planning ahead allows older Australians to maintain greater control over their finances while giving loved ones the information they need to provide support when it’s needed most.
Source: This article was originally published on Advisely with the title “Financial red flags to watch for in ageing parents on 13 July 2026.
Helping protect the people who matter most
Conversations about ageing and money can be difficult, though they are often easier before urgent decisions need to be made. Halpin Wealth can help families navigate these discussions, review financial arrangements and ensure the right structures are in place to protect independence, minimise risk and provide peace of mind for everyone involved.
If you’re concerned about an ageing parent, we’re here to help you plan ahead with confidence. Contact us today.
This information provided in this article is general advice only and has been prepared without taking into account your own objectives, financial situation or needs. Before making a financial decision based on this advice, you must consider whether it is appropriate in light of your own needs, objectives, and financial circumstances, and where relevant, obtain personal financial, taxation or legal advice. Where a financial product has been mentioned, you should obtain and read a copy of the Product Disclosure Statement (PDS) prior to making any decisions about whether to acquire a product.