Important points
A recent U.S. Bank survey found that 37% of parents worry that their children will need financial support as they grow up. Advisers say it’s important for families to discuss important topics such as savings, debt, inheritance and wealth building. While talking about money made parents uncomfortable, , parents were almost twice as likely to discuss financial topics when they were together.
Parents worry that their children will need financial support as adults.
A recent study by U.S. Bank found that nearly four in 10 (37%) parents of all ages worry that their children will need financial support as they grow up. Understood. These concerns are higher among Generation X parents, typically those born between 1965 and 1980, with more than half (53%) fearing their children will rely on them for money.
Over the past few years, many people, especially young people, have suffered from rising costs of living due to rampant inflation. Interest rates rose as the Federal Reserve tried to rein in inflation, leaving many people behind on car and credit card payments.
A Bank of America survey conducted earlier this year found that 46% of adult Gen Z members (typically born between 1997 and 2012) said they received financial help from their parents or family members to pay for necessities. It turned out that he was receiving assistance.
Families need to talk about money
Advisers say some of these fears could be alleviated by families talking more openly about savings, debt and inheritance.
“Our hope is that these findings will spark a conversation about the importance of family conversations about difficult financial topics and that the final The goal is to enable more families to engage in the difficult conversations that are essential to building wealth.” At US Bank.
Today’s parents are more than twice as likely to talk to their children about finances than their own parents, yet they still feel comfortable having such discussions. A US Bank survey found that they prefer talking about politics and the 2024 presidential election (76%) more than their finances (63%).
