Planning and scam prevention tips for caregivers balancing kids and parents
If you’re raising children while also supporting an older parent, you’re likely managing schedules, healthcare needs, day-to-day decisions and even finances. People in this group are often called the“sandwich generation,” which now encompasses one in four adults in the U.S.
Women also often carry a disproportionate share of this responsibility: three in five family caregivers are women. Women are more likely to report physical, emotional and financial strain from caregiving, which can make it harder to protect their own well-being and long-term financial security.
For the sandwich generation, the holidays can be a natural time to talk with parents about money, including how to protect their finances from scams. November is Chase Fraud & Scam Prevention Month – designed to help people recognize common scams, avoid in-the-moment mistakes and better protect their money and personal information.
Here are some tips to keep in mind.
Check In and Make a Plan
Finances can be incredibly personal, and many parents worry that accepting help means losing independence. Start by framing the conversation around peace of mind and organization – not control.
Check in on your finances and long-term plan, too. You’ll be better equipped to care for others when your own financial foundation is secure.
Also consider helping your parents create a “financial snapshot.” J.P. Morgan Wealth Management’s guide for supporting aging parents outlines a few considerations:
- Location of key accounts: banking, investments, retirement, credit cards, insurance
- How bills and recurring expenses are paid
- Whether beneficiaries are up to date
- Where important documents are stored and who has access
Then ask what goals matter most in the years ahead: staying in their home, supporting family, traveling, planning for healthcare or leaving a legacy. Goals can evolve, so revisit them periodically. Planning tools can help – like J.P. Morgan Wealth Plan, a free digital money coach in the Chase Mobile® app or at chase.com.
A financial advisor can help create a plan tailored to you and your parents’ needs. An estate planning attorney can document your parents’ wishes, including who may act if they cannot make decisions themselves.
Understand Common Scams
Scammers often use urgency, fear, secrecy or affection to pressure people into acting quickly. Recognizing these tactics can help you and your family spot red flags sooner. Common scams include:
- Investment scams: Promises of high or “guaranteed” returns with little risk.
- Tech support scams: Requests for payment or remote device access.
- Impersonation scams: Messages impersonating trusted organizations or loved ones, asking for money, passwords, account details or other personal information.
- Romance scams: Online relationships that lead to requests for money.
Chase hosts more than 1,000 free fraud and scam prevention workshops annually, including hundreds across all lower 48 states throughout November.
Stay Proactive and Vigilant
If you or a loved one suspects a scam, slow down and stop communicating with the individual immediately. Contact your bank through a trusted channel to review recent transactions and report the incident to appropriate authorities.
Also consider a few simple steps for protection:
- “Trusted Contact Person”: Designate a trusted adult who may be notified about certain online wire activity.
- Tech tips: Use unique passwords, multifactor authentication and account alerts, keep devices updated and monitor accounts regularly for unusual activity.
- Behavior changes: Watch for secrecy around finances, unusual transactions, unexpected changes to financial documents or pressure from new acquaintances.
You’re Not Alone
Caregiving is demanding, and it shouldn’t be a solo effort. Build a support system – which can include family, friends and professionals such as healthcare providers, attorneys and financial advisors. A thoughtful conversation now can help your parents stay organized and protected in the future.
For free educational resources on planning for yourself and loved ones, visit chase.com/theknow
For more information and practical tips about fraud and scam prevention, visit chase.com/security
The views, opinions, estimates and strategies expressed herein constitutes the author’s judgment based on current market conditions and are subject to change without notice and may differ from those expressed by other areas of J.P. Morgan.
This information in no way constitutes J.P. Morgan Research and should not be treated as such. You should carefully consider your needs and objectives before making any decisions. For additional guidance on how this information should be applied to your situation, you should consult your advisor.
JPMorgan Chase & Co., its affiliates, and employees do not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transaction.
J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser, member FINRA and SIPC.
