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Home»Personal Finance»How (and Why) to Talk Money at Your Family Dinner Table
Personal Finance

How (and Why) to Talk Money at Your Family Dinner Table

15/05/2024No Comments6 Mins Read
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Money used to be a taboo topic, even among close family members. But for a growing number of Americans, it’s now a big deal. Sensitive conversations about money, although difficult to have, are happening more and more often and are essential for people to plan for the wealth and health of their loved ones. When done well, these chats help families understand each other’s short- and long-term needs and goals, resulting in a strong financial plan that aligns the whole family.

It’s also clear that the conversation around generational wealth is happening faster than ever before.according to Northwestern Mutual Plans and Progress SurveyThe average American believes that 17 is a good time to start talking about finances with your kids. And among Millennials and her Generation Z, there is a desire to start even earlier. These conversations can help young people build a foundation of financial know-how to succeed in the years to come. But more importantly, it provides an opportunity for families to reconnect about expectations, values, and hopes for the future.

Parents may frown and wonder if their teens would be interested in talking about money and finances. It may come as a surprise, but the answer is a resounding “yes!” According to research from Northwestern Mutual, Gen Z’s most trusted source of financial advice is family, followed by financial advisors. As a mother of a teenage boy myself, this is good news for families who are ready to have honest conversations about money, and it provides an opportunity for professional advisors to guide the family’s financial decisions.

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how to start

It’s time to talk. However, just because there is a desire to connect does not mean it will be easy. Money conversations can be difficult for most families because they can be emotionally charged. Often, having a trusted financial advisor at the table can help address any sensitive issues, account for blind spots, and ensure a judgment-free or pressure-free discussion. Done well, these conversations are empowering and help bring families closer together. As Americans reach out to financial advisors for annual financial checkups, those who are adding a seat to the table for the next generation so the whole family can prepare for their financial future together I expect it to increase.

The survey found that only 3 in 10 (29%) U.S. adults have discussed wills, inheritance wishes, or other property issues with their parents or guardians, and only 3 in 10 (29%) have discussed long-term care. Only 43% had discussed it. Again, our data shows that younger generations want these conversations to happen sooner, and rightly so. Planning creates more opportunities. It gives people the freedom and power to consider all options for care and aging gracefully, and to make these decisions for themselves while they still have the ability.

Future generations will undergo the largest transfer of wealth in U.S. history, with baby boomers transferring $90 trillion in wealth, mostly to their loved ones. However, inherited property is not an unlimited property. Many wealthy families lose their accumulated wealth by the second generation. Early preventative discussions are important and ensure that intergenerational planning protects the accumulated wealth.

As parents consider when and how to involve their children in more complex or sensitive financial planning discussions, here are three simple tips to help make money conversations go more smoothly. Recommended.