People are living longer than ever, thanks to modern medicine and advances in technology but this has brought about a new dilemma as children born of older parents are often faced with an unexpected cost down the road: becoming a young caregiver. Taking care of your parents is not an easy role. And even if you're not the one directly providing the care, it can lead to emotional and financial stress. In conjunction with International Day for Older Persons, Sim Wie Boon speaks to Rajen Devadason of RD WealthCreation and Linnet Lee of FPAM to get their advice on how to budget for the care of your elderly, what are the considerations and why is this important.

Also, for more information on Malaysia Financial Literacy Month and other related events, please refer here https://smartfinance.my/, here https://www.investsmartsc.my/, and here https://worldfpday.org/global-events/

Image credit: Shutterstock.com

Produced by: Sim Wie Boon

Presented by: Sim Wie Boon

This and more than 60,000 other podcasts in your hand. Download the all new BFM mobile app.

Categories:  Business Analysis,  Trends and Forecasts,  Markets,  Personal Finance,  Investments,  Financial Literacy,  Young Finance,  Politics,  Social Issues,  law & legal matters

Tags:  retirement,  old,  elderly,  parents,  Asia,  mother,  father,  caregiving,  EPF,  insurance,  wealth,  filial piety,  children,