Did Your Family Talk About Money? Today’s Parents Do | Global News Avenue

Money can be a tricky subject for family conversations, but today’s parents may be trying to change that.

In a recent Fidelity survey, more than two-thirds of respondents said they talk to their children about money. However, more than half of the more than 1,200 respondents admitted that they did not discuss financial issues with their parents when they were children.

There is widespread confidence in the financial future of future generations.

Nearly three-quarters (70%) of respondents said they expect the next generation to achieve higher levels of wealth than today. along with A huge wealth transfer is underway (a phenomenon in which older generations are expected to pass trillions of dollars on to younger generations), the possibility seems plausible.

People’s concept of wealth is modest

People may be reluctant to talk to their children about money because they have difficulty confronting their own financial insecurities, according to Fidelity.

“Financial planning is often a deeply personal experience, so it’s not surprising that people have historically been reluctant to talk about it,” said Rich Compson, director of wealth solutions at Fidelity Investments.

Most respondents believed being wealthy meant not having to live paycheck to paycheck, and nearly half said it meant being able to afford a home. Only a small percentage of respondents said they felt wealthy, and the survey and other data tracking found that only a small percentage felt wealthy. One in three millionaires consider themselves wealthy.

Compson said wealth standards may be different now than in the past as home ownership costs and daily expenses have soared in the past few years, but “it’s important to start talking about family finances early to ensure the next generation is prepared”.