Do you discuss your finances with your nearest and dearest?
In many families, having a frank discussion about wealth still remains a taboo. However, with younger people needing to learn the money management skills that will stand them in good stead throughout their lives. The older generation often requiring help with their finances in their later years. It is important for children and parents of any age to be able to communicate effectively about family wealth issues.
Overcoming the barriers.
Some families find it difficult to discuss wealth and it’s not uncommon even today for married couples not to know how much money their spouse earns. Well-off
parents can sometimes shy away from letting their children know too much about their wealth. Usually, in an effort to prevent them becoming complacent about what they might inherit in the years to come and losing their work ethic. Older people don’t always like to dwell too much on the future. Some find it difficult and distressing to raise issues like death and inheritance with their loved ones.
Take the time to discuss important financial matters with other family members. This will help to ensure that the right financial plans are in place to safeguard family interests