Parents Don't Want to Talk Money With Their Adult Children
NEW YORK (TheStreet) -- Money is too often a taboo subject at kitchen tables across the U.S.
But when almost two-thirds of U.S. households of older parents and adult children can't agree on when to talk about family finances, you know you have a problem. A disagreement among 64% of respondents to a Fidelity Investments survey have parents wanting to wait until after retirement for serious talks about such things as retirement preparedness, eldercare and estate planning, while their adult children want to talk before their parents retire or get sick.
The survey shows families perennially "at odds" over money discussions, with part of the problem being the older generation's hesitancy to discuss personal finances, even with family. It's a combination of respect and privacy issues -- older parents still see themselves as the financial stewards of the family and don't want their sons or daughters taking control, even it's in their best interests, even as a separate 2012 study from Ameriprise Financial shows that only 33% of baby boomers say they are highly confident of their ability to provide financial security for themselves and their family, compared with 51% in 2007.
But what adult children and their parents worry about when it comes to money varies widely.Also see: More Complicated Modern Families Come With Financial Complications Too Also see: 42% of New Parents Have No Money or Less Than $1,000 Saved
Fidelity notes that although adult children should have a say in any money discussion with older parents, final say rests with the parents unless they are mentally or physically incapacitated. In addition, don't make those family money discussions a one-off. Schedule regular meetings (once a month or quarter should suffice) and keep those appointments. That should give you and your family a firmer foundation for money discussions, vastly increasing the odds of achieving that financial peace of mind every family wants, but find it hard to get.
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