Mothers are open about family finances

A recent study from America has looked at the different approaches mothers and fathers take when discussing financial topics with their adult children.

The study, by Fidelity Investments, found that mothers have substantially more detailed conversations on topics ranging from health care needs to living expenses in retirement.

In fact, the study found considerably more mothers than fathers report having had comprehensive discussions with their adult children about:

• estate planning or wills (79% of mothers vs. 69% of fathers),
• health and eldercare topics (66% vs. 56%), and
• the ability to cover living expenses in retirement (70% vs. 55%).

“We encourage all families to engage in detailed conversations on these financial topics, and as this research indicates, starting the discussion with mom may be a good strategy,” said Lauren Brouhard, senior vice president, Fidelity Investments.

“Regardless of whom these conversations begin with, discussions about finances are deeply personal and very difficult, and often even taboo in some families. Planning together and learning from one another on a broad range of financial topics can have a positive impact on your family.”

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