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Aging Parents, Children Avoiding Critical Talk About Money
Holidays can present ideal opportunity to jumpstart financial conversations.
Only a quarter of U.S. adults with children talk regularly with their own parents about financial matters according to a recent survey conducted by Harris Interactive for the American Institute of CPAs. Thirteen percent never have the conversation and 45 percent talk about finances only annually or less often.
The lack of frequent money talk comes amid a rising need for more of it. A growing number of older adults face financial strain as they live longer and contend with lower home values, anemic interest income and other challenges brought about by the sluggish economy. When times are tight, they often have to turn to their children for financial help.