Parents are talking to their children about money, but according to a survey conducted by Wells Fargo Wealth & Investment Management, four out of five (81%) of 20- to 39-year-olds expecting to inherit more than $1 million believe family meetings would be beneficial.
According to the survey, while there are financial conversations between generations, nearly three-quarters (72%) believe that discussing an inheritance would help them plan better for the future, and more than half (54%) wish there was more transparency in their family about money.
“It’s okay to discuss inheritances with your children, and oftentimes it’s beneficial,” said Michael Liersch, head of WIM’s Advice and Planning Center of Excellence. “The survey data showed that more than half of the respondents (52%) worry that money discussions might make it seem like they’re solely focused on gaining their inheritance, but in fact, nearly nine out of ten (86%) are more interested in inheriting their parents’ values than money. These values can be passed down through open dialogue.”
Three-quarters (72%) say parents have talked with them at least somewhat about their inheritance plans and potential beneficiaries, while the other one in four (28%) have only a vague idea, at best, about what their parents plan to do. “These numbers show the next generation of inheritors want valuable advice from advisors they trust. At Wells Fargo, we call that LifeSync,” said Liersch.