Fidelity Investments recently published the results from the “2016 Family and Finance Study”.
Here are the key findings:
While adult children are willing to help their parents as they age, four in ten families disagree on the roles and responsibilities children should assume.
- For example: 93% of parents state is it unacceptable for them to be financially dependent on their children, but only 30% of the adult children feel the same way.
- Four in ten families disagree on the roles children will play as parents age in terms of caregiving, advocates, financial power of attorney and executor (trix) of the estate.
- 67% of families disagree about the appropriate time to initiate a conversation about finances.
- Additionally, most families avoid talking about retirement living expenses, health, and long-term care expenses and content and location of estate documents.
This is exactly why Resonate created a “partner” consulting company named Connect-Gens that offers “Purposeful Planning: Conversations Beyond the Balance Sheet”. We understand that initiating this conversation can be difficult. We understand the content is often very emotional, and that the direction of the conversation is unpredictable. Since most people choose to avoid that which we either cannot control or represents the unknown, families do not engage in these essential conversations.Read More