The holidays provide a cozy time to discuss your family's financial future while everyone is together for a few days. It's an opportunity to share stories, to pass down lessons learned in hard times and to convey the connection and resilience of family. You may not want to talk about estate planning and inheritances around the table, but arrange for some time over the break to have these conversations.
Studies show that families often avoid or put off talking about their finances. Money talk remains taboo across almost every aspect of modern society: economically, educationally and culturally, according to Money Talks, a study by Empower. Most of those surveyed by Empower (61%) say they never learned about personal finance in school, and over half (52%) say that money wasn’t discussed at home or growing up.
On the bright side, 66% of survey respondents believe that open money conversations can help more people achieve financial freedom and can help build generational wealth. That's why having these conversations is important, and Thanksgiving is the perfect time to start. Consider bringing up the following financial topics at this year’s Thanksgiving table.
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