And many don’t have a plan for paying for long-term care – which more than half of adults 65 and older will need at some point. An earlier IRI survey found that only a quarter of boomers think they have enough money for health care expenses in retirement. A 2019 survey by the Insured Retirement Institute found that 45% of baby boomers surveyed did not have any retirement savings. Unfortunately, your parents might not be as on top of their finances as you think. So why rock the boat by sticking your nose some place it doesn’t belong? They worked hard and seem to be getting by just fine. You might think you don’t even need to talk to your parents about their finances because you assume that they have their act together. Reason 2: Your Parents Might Not Have Their Financial Act Together But most will open up and start having these conversations with you. If you let your parents know that you want to talk to them about their finances because you’re looking out for their best interests, they likely won’t get upset with you. Once my friend and his parents started talking, though, he realized that his fears were overblown. He just thought it was going to be awkward, which made starting the conversation difficult for him.
My friend said that the first conversation with his parents was the toughest – but it really wasn’t that hard. He wanted to make sure their finances were in order to deal with situations like that and to find out whether they had important legal documents such as a will, a power of attorney to make financial decisions for them if they no longer could and an advance health care directive that spelled out what sort of end-of-life care they did or did not want. Reason 1: The Conversation Won’t Be as Awkward as You ThinkĪ friend of mine told me that he recently talked to his parents about their finances after his mom had a health scare.
Here are five reasons why you should stop being afraid to talk to your parents about their finances and should start the conversation as soon as possible.
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Why? As the author of Mom and Dad, We Need to Talk: How to Have Essential Conversations With Your Parents About Their Finances, I can tell you that the consequences of not having these conversations can be a lot scarier than the conversations themselves. (Seriously, I can’t understand why anyone would rather talk to their parents about that.)īut if you are afraid of having family financial talks, it’s time to get past those fears. It’s certainly not as weird as talking to them about their love life. Trust me – talking to your parents about their finances isn’t nearly as difficult as it seems. And 9% said they’d rather talk to their parents about their parents’ romantic life than their finances. A survey by personal finance website GOBankingRates found that 10% of respondents said they’d be more comfortable talking to their parents about their romantic life than their parents’ finances.
In fact, you still might cringe every time you think about that awkward conversation.īut talking about money with your parents might seem even more taboo than talking about sex. It ranks right up there with the birds and the bees talk your parents gave you when you were a child. Talking to your parents about their finances might seem like one of the most awkward conversations you can have. 5 Reasons to End Your Fear of Talking to Your Parents About Their Finances
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