Hi all,
As the title goes, how do I convince my parents to invest?
Luckily they have a decent pension fund that may be just enough to sustain living back in our home country which I would consider LCOL. However, my issue is that they are just cash savers. No other investments and they cannot grasp the value of investing.
I’ve tried explaining the effects of inflation and that there are other investing opportunities that are low risk but they just don’t get it. They are retiring in about 5 years time and they don’t have a grasp of what retirement will look like and no understanding of why leaving cash in the bank is the worst idea.
Both grew up poor and all they know is save up cash, which I totally understand when you come from nothing and have no financial literacy.
Any advice on how I should approach this that I don’t sound too pushy? I just want to help coz I know that if I don’t, I will ultimately be the one taking care of them financially when they get to the point where they are out of cash.
Sorry all seems a bit vague and no numbers involved. I don’t know the numbers myseld but I just know they are not set for retirement.
Thank you all.