Lois has a long history of money mismanagement, but she’s gotten much better about saving money as she’s gotten older. When her mother died, Lois inherited a modest sum, and was quite disciplined with the money. She didn’t buy the shoes she wanted or take the trip she desired. She wasn’t going to do those things until she was confident she had enough saved where she didn’t ever need to borrow from her children. She may have been careless with money in the past, but vowed that she would never be a burden on anyone, especially when it came to money.

Planning So You Don’t Have to Ask for Financial Help from Kids

Lengthy life spans have played a role in increasing the odds that many seniors will deplete their savings, face debilitating health problems, and need to turn to their children for financial help or caregiving. It’s true that children should honor their mothers and fathers. But this doesn’t mean they should do so at their own financial peril. And, similar to Lois, most parents don’t want to become a burden to their children.