than half (52%) of Americans say they feel extremely or very confident about
their family’s financial future, due to regular family conversations about
money, according to research released by Ameriprise Financial.
study found family members tend to discuss different topics with different
relatives. Adult children are most likely to initiate conversations with their
parents about managing current finances (74%), the cost of health care (73%)
and long-term financial goals (70%). When parents take the lead in financial
discussions with their adult children, they also bring up managing debt (73%).
In general, survey respondents report they are less likely to talk to their
family members about estate planning and inheritance but it’s still a popular
topic (67% talked to their parents, and 69% talked to their adult children about
estate planning can be a tough topic to initiate, families who have talked
about it say the discussion went much smoother than anticipated. The
overwhelming majority said the conversations were straightforward, easy and
relaxed as opposed to awkward or difficult.
hardest part is starting the conversation, which is where a financial adviser
can make a difference,” says Marcy Keckler, vice president of financial advice strategy at Ameriprise Financial. “Working with a financial professional can
help family members get on the same page and could mean the difference between
leaving behind a loving legacy and leaving behind a headache and hurt feelings.” NEXT: Inheritance may cause conflict