The new caring: financial asset management and older people

Increasing longevity and the growing proportion of the aged in the population in most countries have served to focus on the question of how governments and older people can finance living, health, and care options in retirement. Prudent management of income and assets is an increasingly complex and...

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Bibliographic Details
Published in:Annals of the New York Academy of Sciences 2007-10, Vol.1114 (1), p.355-361
Main Authors: Tilse, Cheryl, Wilson, Jill, Setterlund, Deborah, Rosenman, Linda
Format: Article
Language:English
Subjects:
Aging
Caregivers - trends
Financial Management - methods
Financial Management - trends
Humans
Income - trends
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Summary:Increasing longevity and the growing proportion of the aged in the population in most countries have served to focus on the question of how governments and older people can finance living, health, and care options in retirement. Prudent management of income and assets is an increasingly complex and important aspect of aging as assets and expectations of self-financing increase. Although many informal caregivers act as asset managers and/or substitute decision-makers for older people, little attention has been paid to this increasingly important aspect of care. This paper summaries key findings of a broad research program exploring family involvement in the management of older people's assets and the practices that constitute good practice as well as financial mismanagement and abuse. It identifies multi-level and multi-strategy responses needed to address the issues raised by the research and outlines an innovative community demonstration project aimed at improving financial management practices in relation to older people's assets.
ISSN:0077-8923
1749-6632
DOI:10.1196/annals.1396.015