Imagine this: A couple has shared decades of life together - raising children, supporting one another through challenges, and planning for retirement. Yet, when one spouse suddenly becomes unable to manage the finances due to illness such as dementia, the other may find themselves overwhelmed and unprepared. This happened to Kindred member Anne*. Her husband had always managed their finances, mostly because Anne didn’t really want to. “Finances just weren’t my thing,” she says. Then Anne’s husband was diagnosed with Alzheimer’s Disease.
For generations, it was common for one partner - often the husband - to manage the household finances. That may have worked in earlier stages of life, but it can leave the other spouse, often the wife, vulnerable in times of crisis. Financial understanding isn’t about a lack of trust – it’s a way to love and care for one another well into older age.
When both spouses are engaged in the family’s financial life, it builds resilience. It ensures continuity. And it provides peace of mind that, no matter what happens, one won’t be left scrambling to piece things together.
Let’s consider a situation such as Anne’s where a husband has always managed the family finances, but is diagnosed with dementia. Suddenly, routine tasks such as paying bills, managing investments, and renewing insurance became Anne’s job. Without prior knowledge or documentation, Anne faced a mountain of decisions that she felt unprepared to make.
Sadly, this can also open the door to financial abuse or fraud. Older adults who are unfamiliar or lacking confidence with their finances are far more likely to be a victim of family members or acquaintances with ill intentions[i]. Thankfully, Anne’s son supported her through the process of taking control of her finances, but others aren’t always as fortunate.
To avoid this kind of situation, both spouses should have a basic, working knowledge of the following areas:
Anne wishes she and her husband had done things differently. Preparing doesn’t require financial expertise, just intentional communication and a few good habits:
You're not alone in this journey. Here are some sources of advice and support:
Being financially prepared is a beautiful expression of care. It’s not just about money - it’s about safeguarding one another’s dignity, independence, and wellbeing. When both spouses understand the family finances, they build a foundation of trust and resilience that can weather life’s storms. Anne feels better able to care for both herself and her husband now that she has a fuller understanding of how their finances work.
If you have questions about your finances, book an appointment with one of our team members today. By taking simple steps, you can ensure that both partners are prepared for life’s twists and turns.
*Anne’s name has been changed to protect her privacy.
[i] https://www.canada.ca/en/employment-social-development/corporate/seniors-forum-federal-provincial-territorial/financial-abuse.html