Money Across Generations II® study
6 sensitive issues families avoid discussing
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Our new study shows that families are as likely to avoid talking about money issues including personal finances, healthcare and retirement as they are hot button topics like family issues, politics and religion.
A significant number cite simple excuses like:
- It’s none of my business
- I haven’t gotten around to it
- Or I simply haven’t thought about it.
Making excuses now could keep you from solving some of the retirement, estate planning and healthcare issues you may face in the future.
| Financial topics not being discussed | Respondents in study who used an excuse to avoid discussing topic (2012 vs. 2007) | Why this is an issue |
|---|---|---|
| Parent's current money or financial situation | 53% vs. 43% | Over half of boomers used excuses to avoid talking about money. Talking to your family now about your financial situation can help ensure you take steps to improve your financial future. |
| Their wishes for their financial accounts | 52% vs. 46% | Survey respondents report feeling less confident about assuring family financial security and being able to leave wealth to their children than in 2007. Discussing estate planning can help families feel more confident about their family financial legacy. |
| How they would like things handled if they had a catastrophic illness. | 54% vs. 48% | All generations report that healthcare costs are one of the greatest risks to their retirement security. Discussing long-term care and healthcare today is a great first step toward creating a more confident outlook. |
Conversation guides
Discussions about finances are hard. Use these conversation guides to help you start the conversation:
- Gen X / Gen Y (18-46): Key conversations to have with your spouse, parents and grandparents.
- Baby Boomers (47-65): Talks you need to have with your own parents as well as your children.
- Retirees (66+): Tips on having difficult conversations with your family.
Want to learn more?
Download the Money Across Generations II® studies:
Confidence and Conversations – Fewer and fewer people feel assured that they can meet their own financial goals.
Family First– Many Boomers continue to make family financial needs a priority over their own.
Gender Differences – Men and women differ on many issues and our study shows that discussing money is a key one.
Are you looking for more support in having meaningful family financial discussions? Meeting with a financial advisor can be a great first step toward creating an open and honest family dialogue.
