August 22, 2019

Why Is It So Hard to Talk About Money?

“Parents would be remiss if they did not talk to their children about drinking and driving, using drugs and, of course, sex. Some go even further, discussing subjects like bullying and mental health.

So why do a significant number of parents still not talk to their children about wealth and inheritance?

Two-thirds of Americans who have at least $3 million in investable assets have not talked to their children about their wealth or never will, according to a Merrill Private Wealth Management study of 650 families.

Some in the survey said they did not bother because they assumed their children had already figured it out. But 67 percent had quietly made gifts in a trust or set aside money in their children’s name to pay for school, buy a home or just supplement their income. Ten percent steadfastly refused to talk at all with their children about money, saying it was no one’s business.

“We’re moving forward, but there’s still a long way to go,” said Stacy Allred, managing director of the Merrill Center for Family Wealth.”

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