Talking about Money

Money talk can be a sore subject, but it doesn't have to be. As financial advisors we can save you both stress and time with structured conversations about pensions and investment advice.

While, for many, discussions about money can be extremely uncomfortable, experts have long stressed the best approach to financial issues is invariably to talk about them. Indeed, perceived wisdom suggests the more open and honest people are about money, the better their life and relationships tend to be.

Key Takeaways:

• Experts have long stressed the best approach to financial issues is to talk about them

• A failure to communicate about money can lead to serious problems

• This particularly relates to the younger generation and the importance of nurturing a sense of financial responsibility

• It’s also to older people as there is no way of knowing their wishes when important issues relating to their financial future inevitably emerge

• Parents often find it difficult to discuss issues surrounding inheritance and the transfer of wealth

• It is imperative that parents include their offspring when making financial planning decisions

• This will ensure they are ready to assume responsibility for family assets when the time arises

• An inability to talk about money can lead to personal finance paralysis, a fear of making bad decisions

• This can result in people delaying important financial decisions or not making any decisions at all

• As with most things in life, it’s usually easier to figure out financial problems if you talk them through