Why Financial Education Is Essential for the Aging Spouse Who Does Not Manage The Money

As many of my clients know, I worked at a provincial office that managed the money of Ontarians who lacked mental capacity before embarking on private practice. While 90% of the clients we worked with were destitute (homeless or lived solely on social benefits), 10% of our clients were phenomenally wealthy but did not prepare a Power of Attorney before illness or an accident resulted in cognitive impairment. I exercise the same kind of care with my current clients; who are thankfully healthy and capable. With the ravages of time, we are all going to face some physical and cognitive changes and it is important that everyone in the household is involved in its financial affairs. The right financial planner must encourage both spouses to be engaged and aware of the financial decisions to be made, even if one spouse tends to be the household “spokes-person”.

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