How to Teach Your Family About Money Matters

FUTURE PROOF: Do you discuss your finances with your family? While it may not come easily to the British it is a necessary step to protect yourself from future problems

Christine Benz 29 July, 2014 | 8:12AM
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A recent Fidelity survey revealed how effectively parents and their adult children talk about money, including important matters like retirement planning, estate plans, and elderly care costs.

The short answer? Not all that well. While most of those surveyed agreed that it's important to have intergenerational discussions about those issues, in practice it's hard to find the right time to discuss them. And even when parents and their adult children do discuss these matters, those conversations often lack the necessary depth.

To help parents and their adult children improve the flow of communication on important matters like retirement planning and estate planning, we asked Morningstar readers to share their own experiences. The discussion that ensued is a must-read for anyone who is part of a family.

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About Author

Christine Benz

Christine Benz  is director of personal finance at Morningstar and author of 30-Minute Money Solutions: A Step-by-Step Guide to Managing Your Finances.

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